Reagan Slips, but Recovers; So Does Dollar
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VENICE, Italy — President Reagan suggested today that the dollar could fall somewhat lower--a comment that sent aides scrambling to issue corrections.
Reagan’s news conference comment caused a brief blip in the currency exchange markets.
“Most of us believe that the dollar should remain stable,” Reagan said. “It could be within reason that there could still be some lowering of the value in relation to other currencies.”
Less than 15 minutes later, White House spokesman Marlin Fitzwater said, “What the President wants is stability of the dollar--in other words, no change.”
When currency markets in New York opened by pushing the dollar down against the Japanese yen, the White House issued a second statement:
“Here’s what the markets should be hearing: The President wants stability in the dollar. He recognizes that market forces can cause fluctuations, but he wants stability.”
The dollar then firmed.
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