FIVE YEARS AGO IN FX WEEK
FIVE YEARS AGO IN FX WEEK
FX Week, August 23, 1991
Soviet Coup Bid Rattles Forex Market
The attempted overthrow of Mikhail Gorbachev caught foreign exchange traders on the hop when the news came through early Monday morning. "Most of the initial movement was before London opened," says Thomas Lockett forex director at Midland Bank.
A group of European central banks intervened to protect the mark. Views differed on the impact on liquidity. Ken Wilshire, chief trader at NatWest, talks of high volumes. "Equivalent records to
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