Currency report
Foreign exchange markets ; last week continued to be dominated by the results of ; the Middle-East peace talks ■ according to the weekly forjeign exchange report from [ the Bank of New South Wales. There was an initial firming of the United States dollar after apparent success of these talks. However, as the week progressed it obvious } that the Middle-East agreement was not as successful ias at first thought with a ■ clear rejection being announced by Saudi Arabia and Jordan. ■ This resulted in a con- ; tinued weakening of the dollar, -compounded by a general lack of confidence. I There has been a noticeiable trend for dealers to switch their long United . States dollar positions into Swiss francs and as a result the franc sharply strengthened against the United States dollar. The Canadian dollar has continued to weaken because of market pessimism and lack of Government support, but improved inflation figures have slowed the decline temporarily. As the dollar has weakened, gold has shown a
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Press, 25 September 1978, Page 20
Word Count
163Currency report Press, 25 September 1978, Page 20
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