The U.S. dollar has again been under pressure on London's money market. But Tuesday's (5?
The U.S. dollar has again been under pressure on London's money market. But Tuesday's (5 June) performance was an improvement on the previous day's. After dipping sharply in the morning, the dollar rallied in the afternoon to finish above the level set at Monday's close -- 2.5815 against the pound, as compared with 2.5843 on Monday.
Dealers said that the late rally was attributable to some light profit-taking, and the exhaustion of the week's selling pressure. But they were cautious about the strength to the rally, seeing the continuing disclosures about the Watergate scandal as inhibiting any action the U.S. government could take to support the domestic economy.
Visnews reporter Grant Dowling asked Mr. Ken Einfeldt, Chief Manager of the Midland Bank's Foreign Exchange Market, about the latest pressure on the dollar.
The pressure on the dollar affects ordinary tourists as much as foreign exchange buyers. Americans outside the American Express Offices in London were asked if they were encountering any problems.