Sterling slipped to a new low against the dollar on January 25 as fears of a cut in oil prices continued to erode confidence in the pound on the world money market.
1. GV EXTERIOR Barclays Bank International in the City, London (2 shots) 0.08
2. GV & SV INTERIOR Central floor of Barclays Bank International 0.21
3. GV Computer monitor showing international exchange rate for pound sterling PAN Bank officers at desks handling enquiries 0.34
4. CU PULL BACK & SV Officers working on the bank's computers (4 shots) 1.05
5. CU Computer monitor showing exchange rates 1.08
6. SV & GV Central floor of bank with officers at work 1.21
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Background: LONDON, UK
Sterling slipped to a new low against the dollar on January 25 as fears of a cut in oil prices continued to erode confidence in the pound on the world money market. Sterling opened at an all-time low of 1.5227 dollars in London, down from yesterday's close of 1.5403 dollars. However, by lunchtime on January 25, it had regained a cent to be quoted at 1.5317 dollars. Much of the most intense trading in the pound occurred on the central floor of Barclays Bank International in the City. There, bank officers were kept busy handling hundreds of calls from dealers as computer monitors showed the continued pressure on sterling. The fall followed the failure of the Organisation of Petroleum Exporting countries (OPEC) to agree on production quotas at its meeting in Geneva. The dramatic collapse of sterling was the first fall since the rally on foreign exchanges following the decision by the London clearing banks to raise their base rates and the Prime Minister's return from the Falklands on January 12.
Source: REUTERS - BILL MCCONVILLE