THE PRESIDENT'S DAILY BRIEF 16 MAY 1973

• Document Type: FOIA
• Collection: President's Daily Brief 1969-1977
• Document Number (FOIA) /ESDN (CREST): 0005993824
• Release Decision: RIPPUB
• Original Classification: T
• Document Page Count: 10
• Document Creation Date: August 14, 2016
• Document Release Date: August 24, 2016
• Publication Date: May 16, 1973

Declassified in Part - Sanitized Copy Approved for Release 2016/06/14 : CIA-RDP79T0093-6A011600010038-7
The President's Daily Brief
16 May 1973
45
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Declassified in Part - Sanitized Copy Approved for Release 2016/06/14 : CIA-RDP79T0093-6A011600010038-7
Exempt from general
declassification schedule of E.O. I 1652
exemption category 581 1),(2).(3)
.declassified only on approval of
the Director of Central Intelligence
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FOR THE PRESIDENT ONLY
THE PRESIDENT'S DAILY BRIEF
16 May 1973
PRINCIPAL DEVELOPMENTS
The dollar, again under heavy pressure in active
trading on European markets yesterday, depreciated
markedly against the major European currencies.
(Page 1)
The North Vietnamese are closing down part of their
troop infiltration apparatus, a move that normally
occurs at the onset of the rainy season. (Page 2)
The Soviets are continuing to counsel the Arabs
against a new outbreak of hostilities in the Middle
East. (Page 3)
The Lao Government's latest proposals to the Commu-
nists include a call for establishing joint police
forces in Vientiane and Luang Prabang. (Page 4)
FOR THE PRESIDENT ONLY
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Exchange Rate, Selected Countries
Units per Dollar
19 March
7 May
14 May ,
15 May
Joint Float
Instituted
Mark
2.8265
2.8525
2.7975
2.7725
Guilder
2.8962
2.9580
2.888
2.8680
French Franc
4.5450
4.5612
4.4950
4.4300
Sterling
0.4065
0.4014
0.3932
0.3898
Swiss Franc
3.2487
3.2500
3.1725
3.1425
Yen
264.9
265.6
265.0
263.7
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FOR THE PRESIDENT ONLY
INTERNATIONAL MONETARY DEVELOPMENTS
The dollar, again under heavy pressure in active
trading on European markets yesterday, depreciated
markedly against the major European currencies.
Although the Bank of England continued its
"light" dollar purchases, there are no signs of any
substantial central bank dollar intervention by the
joint float participants. Nevertheless, these coun-
tries may be compelled to intervene in order to pre-
vent too rapid an appreciation of their currencies
vis-a-vis the dollar, which would damage their for-
eign trade.
Trad-
ers continue to cite the "Watergate" as a primary
cause of the current crisis. 25X1
25X1
25X1
Gold continued its rapid rise and was traded
above $112 an ounce in London before closing at
$110. Transactions as high as $128 were reported
in Paris. In addition to the currency uncertainties,
other factors contributing to this unprecedented
rise in the gold price include reports that Presi-
dent Nixon will discuss new gold price arrangements
with Brezhnev in Washington next month and evidence
of reduced South African production and sales.
Although the dollar was weak at the opening on
the Tokyo exchange yesterday, it recovered part of
its losses and closed down only modestly from Monday
in light trading. Foreign exchange banks and other
private sources have replaced the central bank as a
dollar supplier on the Tokyo market. Continued
strong demand for dollar imports and foreign invest-
ment, however, accounts for the dollar losing only
slightly against the yen.
1 ?
FOR THE PRESIDENT ONLY
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25X1
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FOR THE PRESIDENT ONLY
INDOCHINA
The North Vietnamese are closing down part of
their troop infiltration apparatus, a move that
normally occurs at the. onset of the rainy season.
Late last month the logistic authority responsible
for the movement, of men into the southern two thirds
of South Vietnam and Cambodia was told that no new
groups would be "sent south" after Group 2008
"cleared" it. This group should now have reached
its destination in the COSVN area.
The order probably refers only to regular
troop infiltration and not to Small spe-
cial-purpose groups, a number:of which are
still entering the infiltration system.
The support unit that received the order
does not handle infiltration to the north-
ern provinces of South Vietnam, where some
infiltration is still occurring, At least
3,500'combat troops have been scheduled to
set out for the. two northern provinces bu
May' 19 25X1
25X1
Since the cease-fire, the Communists have been
streamlining the 'logistic system from the lower
North Vietnamese panhandle to southeastern Cambodia.
Many of the units that formerly manned way stations
have been transformed into engineer and combat sup-
port -outfits to operate directly in the B-3 Front
and COSVN areas.
Although the final shape of the changes
is not yet clear, they do indicate that
the Communists are going ahead with the
development of a military support struc-
ture within South Vietnam.
2
FOR THE PRESIDENT ONLY
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FOR THE PRESIDENT ONLY
USSR - ARAB STATES
The Soviets are continuing to counsel the Arabs
against a new outbreak of hostilities.
Moscow does not want an-
other war and that this message had been conveyed to
both Cairo and Damascus. Press reports confirm that
Ambassador Vinogradov held a meeting with President
Sadat.
FOR THE PRESIDENT ONLY
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25X1
25X1
25X1
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FOR THE PRESIDENT ONLY
NOTE
Laos: Prime Minister Souvanna Phouma on May 14
submitted new proposals to chief Lao Communist ne-
gotiator Phoumi Vongvichit in Vientiane. The new
proposals call for establishing joint police forces
in Vientiane and Luang Prabang and offer minor
changes in the distribution of cabinet portfolios.
25X1
FOR THE PRESIDENT ONLY
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Top Secret
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