Word: frances
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Dates: during 1970-1979
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...dollar's long slide in value turned into a headlong, chaotic dive. In Zurich, where selling pressure was greatest, the plunge lopped nearly 4% off the dollar's value against the Swiss franc in a single day. So, at just about the time last Wednesday when Jimmy Carter told an evening audience of French businessmen in Paris that "the U.S. will strive to maintain the strength of the dollar," the Treasury and the Federal Reserve Board in Washington put substance behind his words...
...autumn, last week it went suddenly into a free-fall plunge that sent it skidding to postwar lows on money markets from Tokyo to Frankfurt. When the dust finally settled at week's end, a dollar could buy only 241 Japanese yen, 2.14 deutsche marks or 2.06 Swiss francs. Since January the dollar has lost 22% against the yen, 19% against the Swiss franc and 11% against the mark. Nor has the once mighty greenback been dropping only against those traditionally strong currencies; lately it has also lost ground against the anemic French franc and British pound...
...market for steel, color TV, microwave ovens and other products made by aggressive foreign competitors, the U.S. trade deficit is ballooning toward $30 billion, about five times the 1976 figure. That has sent the dollar to new lows against such currencies as the Japanese yen, German mark and Swiss franc, and set off a protectionist clamor for restrictions on imports to save American jobs...
...brakes by selling Government securities to drain bank reserves and raise the cost of borrowing. With oil imports propelling the U.S. balance of trade deficit toward an alarming $30 billion this year, the dollar last week skidded sharply against the Japanese yen, the West German mark and the Swiss franc. "Economically," conceded a White House aide, "it's been a rotten week for the Administration. I mean it's bad enough to have businessmen and stockholders causing all sorts of commotion without having to worry about international money managers in London and Zurich...
Currently, the threat of low-priced foreign competition also worries businessmen-and with good reason. The U.S. trade deficit is ballooning toward a horrendous $30 billion this year, almost five times the 1976 figure. The present drop in the value of the dollar-6% against the Swiss franc, for example, in the past eight weeks -hardly inspires confidence either. Unease about many of these matters predates Carter's Inauguration, but there is no question that doubts about the President's economic policy have increased the reluctance to invest. Says Willard Butcher, president of Chase Manhattan Bank: "Frankly, many...