For comparative purposes, copper hovered slightly below a dollar a pound for years after the turn of the century.
It is true that the effects of both Asia's troubles and the strong dollar and pound will be felt by the tradable sector, particularly manufacturing.
The payout will also go up in dollar terms if the pound continues to appreciate against the dollar, as it has in the past decade.
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The exchange rate yesterday between the Zimbabwean dollar and the pound was twelve billion to one.
The young untested euro has been weak against not only the dollar and the pound but, more recently, the yen too.
Which brings us back to the ECB, which rejected interest-rate cuts despite a sharp, counter-inflationary rise in the value of the euro against the dollar and the pound.
As you can see from the bar chart, Japan has managed to perform well, even in dollar terms, despite the yen falling even further this year against the dollar than the pound has.
"When you are creating a currency whose purpose is to be unregulated and then that currency gains value and its exchange rate with the dollar or the pound sterling increases, then clearly this is going attract all sorts of people who want to launder their illicitly earned money, " he says.
The USDX futures contract is designed to replicate the performance of being short the US Dollar against the following currencies: Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc.
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The USDX measures the value of the US dollar against a basket of currencies that includes the euro, yen, pound, Canadian dollar, Swiss franc and the Swedish krona exactly the currencies that China is most likely including in its own basket and which are now appreciating as a result.
The index reflects the strength of the dollar against a basket of six currencies: the euro, yen, British pound, Canadian dollar, Swiss franc and Swedish krona.
The index measures the dollar against a basket of other major currencies, including the euro, yen, U.K. pound, Australian dollar, Canadian dollar, Swiss franc and Swedish krona.
An SDR's value is based on a basket of the dollar, euro, pound and yen.
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Such "beggar-thy-neighbour" policies might leave convertible currencies such as the dollar, euro and pound painfully overvalued.
But the only thing our politicians and bankers appear to see is the seductive prospect of trillions of pound and dollar signs dancing before their bedazzled eyes.
Then, the convention was that currencies were freely convertible not to gold but to other currencies that were themselves theoretically convertible to gold (read: the dollar and sometimes the pound).
Such a system would provide a stable and secure international monetary system by defining each of the key currencies, specifically the dollar, euro, pound, yen and yuan, respectively, as a unit weight of gold.
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Since 1998 Schwab has opened more than 130, 000 online accounts in the U.K. British investors can trade in pound sterling or dollar accounts.
Nonetheless, a lesson of the 1930s is that the existence of two semi-dominant currencies (in that case, the pound and the dollar) can be destabilising.
In fact, in the early 1990s, Soros made a multi-billion dollar bet that the British pound would significantly depreciate in valueover the course of a single day of trading.
Indeed, all the major currencies such as the dollar, euro and British pound are managed on this basis, with a policy committee that attempts to manage economic conditions with monetary means.
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Both the pound and the Australian dollar have weakened considerably against the euro since July.
As of the September month-end, the euro has increased in value by 10.3% against the U.S. dollar since June 19, the pound by 6.3%, and the yen by 7.8%.
Mr Zhou suggests that the dollar's reserve status should be transferred to the SDR (Special Drawing Rights), a synthetic currency created by the IMF, whose value is determined as a weighted average of the dollar, euro, yen and pound.
This is one reason why the pound has slipped against the dollar: international investors now expect lower yields from holding sterling.
Since then, however, the pound has fallen against the dollar by 3%.
For nearly 4 years the dollar sank against the euro, yen and pound.
Many currencies, including the Egyptian pound, are linked to the dollar.
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