Forex trading is dominated by the Big Eight, which includes the US dollar, the Deutschemark, the pound sterling, the yen, the French franc, the Swiss franc, the Canadian dollar, and the Italian lira. As of the latest available survey, the 7 non-US-dollar currencies accounted for 90% of New York turnover. There is a definite DM bloc, consisting of some currencies outside the European Monetary System, and these units move rather closely with the DM on a day-to-day basis. However, the smaller European currencies have decided lives of their own. These individual currencies often show different short-run tendencies vis-a-vis the DM and their long-range changes against the DM can be substantial. At present, the key issue for the smaller European currencies is the precipitous drop of the DM relative to the US dollar.
Full text: Financial Times of London World Business Weekly, Mar 2, 1981
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