Sharp rise by U.S. dollar
PA Frankfurt An unexpected rise in United States money supply figures, and renewed speculation of an increase in U.S. interest rates sent the dollar sharply higher on foreign exchanges on Monday. In Frankfurt, the dollar opened at 2.5525 West German marks, above Friday’s 2.5390 close, but dealers said trading was quiet because of the July 4 holiday in the U.S. In London, the U.S. currency opened at 2.5527 marks, more than one pfennig above its closing figure on Friday of 2.5397. Dealers said that the upward move was prompted by Friday’s news of a ?US6OO million rise in U.S. Ml money supply, which
measures the amount of money in circulation and in cheque accounts in an economy. The market had been predicting a drop of between one and two billion dollars, and the news served to reawaken expectations that U.S. interest rates may be on the way up. The dollar also gained against the Japanese yen, closing in Tokyo at 240.15 after being traded at 240.80 at one point, nearly two yen to the dollar more than Friday’s close of 238.95. Sterling firmed along with the dollar, although trading in the currency was quiet, dealers said. The British currency opened in Frankfurt at 3.902 marks and 1.5285 dollars, little changed from Friday’s late 1.5292 dollars in New York.
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Press, 6 July 1983, Page 28
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223Sharp rise by U.S. dollar Press, 6 July 1983, Page 28
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