The French franc moved ominously down to a new low-for-all-time last week: 32.25 francs to the dollar. The Belgian franc slumped even lower, to 34.13.
These disheartening movements were widely explained as being caused, in part, by the tactics of British bankers, who threw their foreign currencies on the market to protect the pound from depreciation due to the British strike. In this they were successful, for the pound scarcely wavered.
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