CURRENCY REPORT
The yen slowly weakened throughout the week, according to the weekly report from the London foreign exchange department of the Bank of New South Wales.
There appeared to be no intervention by the Bank of Japan. The United States dollar continued to firm after large fluctuations at the beginning of the week. . Gold lost most of the ground it had gained during the month, the United States Government announced on Tuesday that it plans to sell 3M ounces of gold from its stockpile. The sale is intended to bring more dollars into the United States and reduce the nation’s balance of payments deficit, which is a major cause of the dollar’s decline.
The pound rose slightly against the United States dollar at the end of the week after reports that Saudi Arabia rejects the idea of an oil price rise. Otherwise the pound had an uneventful week despite an increase of 20.700 to 1,390,000 in United Kingdom, August unemployment.
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Press, 28 August 1978, Page 14
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161CURRENCY REPORT Press, 28 August 1978, Page 14
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