Currency report
The United States dollar closed substantially lower in moderate trading, as the market awaited the outcome of the OPEC oil price meeting in Geneva, according to the weekly foreign exchange report from the Bank of New South Wales. The dollar’s decline came despite apparent intervention by the Federal Reserve Bank and after news that the U.S. trade deficit widened in May to $2.48 billion, after $2.15 billion in April. Activity in sterling was subdued compared to recent weeks. United Kingdom interest rates continued to be the major attraction for foreign investors, who were eager to place funds in the U.K. Government bond market. The Canadian dollar was little affected by the Quebec Premier’s announcement that the province’s independence referendum will be held in the spring of 1980. Trading was active in two-way business. Strains within the European monetary system, apparent earlier in the week, eased somewhat, possibly with the help of the variou’i central bank intervention: but also as speculation o EMS adjustment over thlast weeks proved unfounded
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Press, 2 July 1979, Page 21
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170Currency report Press, 2 July 1979, Page 21
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