• Short Summary

    Britain's pound sterling fell still further in value on foreign exchange markets on Thursday (3 June), but rallied soon after midday to signs that foreign central bankers were indirectly coming to the rescue.

  • Description

    Britain's pound sterling fell still further in value on foreign exchange markets on Thursday (3 June), but rallied soon after midday to signs that foreign central bankers were indirectly coming to the rescue.

    In early dealings the pound, high by a record fall on Wednesday (2 June), slid a further two cents to touch just over 1.70 against the United States dollar.

    Dealers suggested that central banks had started intervening in the money markets of Britain, West Germany, the United States and Switzerland.

    Some bankers believed that part of sterling's morning recovery was due to a growing belief that the previous day's plane had been partly inspired by market panic.

    In Frankfurt, West Germany, sterling continued its slump when the pound opened at a lowest every point of 4.41 marks. This compared with the 4.44 marks at which the pound closed the previous night.

    Trading there was described as very nervous and dealers said there was a complete lack of confidence in the Britain currency.

    At the Paris foreign exchange, sterling picked up by almost five centimes against the French franc by late trading. It had opened at a new record low of 8.0650.

  • Tags

  • Data

    Film ID:
    VLVA7YXAMD2Y571HSSN4PXCSB4UZT
    Media URN:
    VLVA7YXAMD2Y571HSSN4PXCSB4UZT
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    03/06/1976
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:03:07:00
    Time in/Out:
    /
    Canister:
    N/A

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