STERLING AND THE FRANC

Press, Volume LXXI, Issue 21417, 8 March 1935, Page 11

STERLING AND THE FRANC

CHAOTIC FLUCTUATIONS IN EXCHANGES A.MKRICAN ACTION KXI'KCTKIJ (Received March 7. 7.30 p.m.) LONDON, March 7. I The city editor of the "DaiJy 1 Mail says that chaotic fluctuations in foreign exchanges broke out this morning after wild bearish speculation, in which sterling plunged to a new low record in relation to the franc. The afternoon was marked by an upheaval because of Mr Roosevelt's reported pronouncement, which was construed as a threat of an impendjing devaluation of the dollar. This j caused a rush to buy back sterling. Later came the denial that Mr Roosevelt contemplated devaluation, but it was at least apparent that America disliked sterling's fall, which has given rise to expectations of future American action. ! WILD MARKET IN I j AMERICA i ! TIIK I'OI'NI) KALLIKS I ! ; (Received March 7, 9 p.m.) I i WASHINGTON, March (i. i The foreign exchange market had one of the wildest days since the devaluation of the dollar. The latter fell sharply in relation to gold currencies, and rose rapidly in relation to sterling, the course of which was ; erratic. After an early plunge to 4.17 3-! i, , the pound rallied, closing at 4.73.