VALUE OF STERLING
SUDDEN APPRECIATION IN RELATION TO DOLLAR. WALL STREET PUZZLED. £ United Press Association—By Electric Telegraph. — Copyright .l (Received 11 a.m.) NEW YORK, July 9. The rise of the pound sterling to. the highest in terms of the United States dollar since November of more than 1 cent to above 4.98 dollars had Wall Street foreign exchange experts guessing. Some thought it reflected Italian purchases of British currency to build up foreign balances and finance the expedition to Abyssinia, while 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 went up with sterling, which was believed to reflect operations of the British Equalisation Fund to keep sterling stable in relation to continental currencies.
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Northern Advocate, 10 July 1935, Page 7
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129VALUE OF STERLING Northern Advocate, 10 July 1935, Page 7
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