This is driving me crazy so hopefully someone can point me in the right direction.
I'm including a merge field in some text and while it displays fine in browse mode, it doesn't in preview and I haven't ticked "Hide when printing".
Here's a bit of the layout (they are separate elements to allow different data formatting and truncated so you can't see all of the contents of the 3rd element)
here's the 3rd element fully expanded just in case
Here's Browse
and here's Preview with arrows showing the missing merge fields. The £ sign is actually a merge field too and that's showing
Is this in a Body layout part of some other kind of layout part?
Are you sure no objects cross layout part boundaries?
Are you showing the right record in Preview mode?
The fact that the currency symbol, which I'm guessing may be a globally stored field, works, and the others not, indicates that there may be some kind of issue with what record the layout is pulling data from.