• Short Summary

    The United States dollar came under renewed pressure on London money markets on Monday (9 July).

  • Description

    The United States dollar came under renewed pressure on London money markets on Monday (9 July).

    Both the dollar and the poind opened slightly stronger than Friday's (6 July) close, the upward movement was attributed to the statement made in Basle later on Sunday night by a meeting of governors of Western Central Banks that the "necessary technical arrangements are in place" to intervene to maintain orderly conditions in the market.

    Dealers were expecting that clarification on what exact measures were to be taken would be forthcoming later in the day. However, when no details were apparent, the dollar began to slip back to close the day in London just slightly above its low Friday close.

    Closing prices on Monday in London against the poind sterling were as follows: US dollars 2.5593, French Francs 10.1450 and the West German Mark 0.9150. Against the France and the Deutschmark, sterling showed a alight improvement on Friday's close.

    Fluctuations in foreign exchange rates affect the ordinary tourists in a more direct way that other members of the public. Visnews reporter Ivor Gaber, spoke to people at London Airport about the problems the changing currency rates were causing them.

    An Englishman, just returned from West Germany was the first tourist he spoke to.

    He next spoke to a young American tourist who had just arrived.

    Finally he spoke to a West German businessman.

    The instability of international currency in recent years has led many individuals and institutions to turn to alternative forms of investment. Ivor Gaber spoke to Mr. John Herbert, a Director of the famous London auction rooms, Christies.

    SYNOPSIS: The foreign exchange room of the Midland Bank in London on Monday. Following the announcement in Basle by the Governors of Western Central Banks that measures would able taken to maintain orderly conditions, the poind and the dollar opened well. But when no details of the measures emerged, the two currencies began to fall back.

    At London Airport the effect of currency price changes was being felt by tourists. Visnews reporter Ivor Gaber spoke first to an Englishman who had just returned from West Germany.

    Works of art are an alternative investment to currency. Ivor Gaber spoke to Mr. John Herbert, a Director of London auction rooms of Christies.

  • Tags

  • Data

    Film ID:
    VLVA9HJLSG996296N09ZINYXW3NV6
    Media URN:
    VLVA9HJLSG996296N09ZINYXW3NV6
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    09/07/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:02:43:00
    Time in/Out:
    /
    Canister:
    N/A

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