A rumor went through Wall Street last week that Canada and Great Britain would soon revalue their currency upwards. Reason: the trade position of Canada and the sterling area countries has greatly improved in the last year. As a result, the Canadian dollar, selling for 90ยข of the U.S. dollar, would be placed on a par with it; the value of the pound would be increased to around $3 from the current $2.80. The British government denied the rumor; the Canadians were mum.
But there were plenty of solid financial reasons why both countries may revalue their currencies in coming...
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