CURRENCY REPORT
Central bank intervention was needed to defend the European joint float last week, the main threat being the pressure forcing the mark higher outside the float, says the Bank of New South Wales in its weekly foreign exchange report. The mark is being underpinned by speculation of a joint float realignment. Sterling closed at a depreciation rake of 38.5 per cent, after news of a July gain in U.K. foreign reserves without recourse to the $5300 million stand-by credit, and an optimistic economic report by the Confederation of British Industry. The Spanish peseta fluctuated violently on rumours of a pending formal devaluation.
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Press, 9 August 1976, Page 10
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104CURRENCY REPORT Press, 9 August 1976, Page 10
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