WALL ST. UNEASY
RISE OF STERLING
HIGHEST SINCE NOVEMBER
EXPERTS SET GUESSING
'United Press Association—By Electric Tele' graph—Copyright. (Received July io, 10 a.m.) NEW YORK, Julyi 9. The rise of the pound sterling to the highest terms in relation to the United States dollar since, November, by more than a cent to above 4.98, had the Wall Street foreign exchange experts guessing. Some thought it reflected Italian purchases of British currency to build up foreign balances in order to finance the expedition to Ethiopia. Others thought it reflected American buying of sterling to pay for fresh purchases of silver on the London market.
The' principal European gold bloc currencies also went up with sterling, and this was believed to reflect the operations of the British Equalisation Fund to keep sterling stable in relation to Continental currencies.
pound receded on closing to 4.96 5-8 dollars, showing a net loss of 3-8 cent.
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Bibliographic details
Evening Post, Volume CXX, Issue 9, 10 July 1935, Page 11
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151WALL ST. UNEASY Evening Post, Volume CXX, Issue 9, 10 July 1935, Page 11
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