Currency report
Foreign exchange markets have been relatively quiet as a result of the Easter holiday break, according to the weekly foreign exchange reiport from the Bank of New South Wales. Sterling eased towards the [week’s end partly because of I the nervousness shown toj wards the U.K. economy. [This is underlined by the latest U.K. average earnings [data showing a 14.9 per cent growth in February compared with a year ago.
The U.S. dollar closed the week a little down against most currencies despite possible intervention by the Federal Reserve bank. The fall has partly reflected disappointment that the U.S. monetary policy is now unlikely to be tightened. News from the Kuwait Oil Minister that oil prices will be discussed at the June OPEC meeting also had a depressing effect.
Eurodollar rates have also fallen. Recent large capital inflows into the U.S. may have stopped because of narrowed interest rate differentials between U.S and other major economies.
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Press, 23 April 1979, Page 20
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158Currency report Press, 23 April 1979, Page 20
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