Mr. Major defended his Government's action, saying it had been helpless to overcome huge speculative pressures on the pound.

Finally, in 1968, as the private speculative pressure mounted, the Gold Pool was dissolved (in reality it had been drained).

The currency has come under speculative pressure caused by a crippling 19-day rail strike and the threat of wider industrial unrest later this week.

But despite yesterday's relatively calm session and the easing of some speculative pressure, there are still some serious white-knuckle questions ahead.

Tuesday's 9 percent devaluation of the Brazilian real also led to speculative pressures on other Latin currencies.

The measures were also intended to protect the currency, the Czech crown, from further speculative pressure.

The system is being battered by speculative pressures.

The implicit tax would thus rise and fall precisely as needed to counter speculative pressures.

The actions kept the speculative pressure from escalating beyond the intensity reached on Thursday.

It is therefore particularly important to devise as soon as possible intervention mechanisms to neutralize speculative pressure.