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.
GV Frankfurt foreign exchange
SV INT Dealers in exchange (5 shots)
GV Paris foreign exchange
GV INT Dealers in exchange
GV INT British Rail tourist office
CU U.K. travel poster
GV People buying tickets (2 shots)
GV EXT Midland bank in London
CU Newspaper headlines PAN TO dealers (2 shots)
CU Tom Lockettt speaking
GV EXT Bank of England
SV EXT People in street (2 shots)
SV & CU People changing foreign currency (3 shots)
CU Vox pops (3 shots)
LOCKETT: "The state of nervousness that exists steam entirely from a lack of confidence in sterling--a feeling that the rate is going to go lower and an unwillingness by practically everybody operating in the market, by holders of sterling, by companies who either have to buy or sell sterling -- a general feeling that the price is going to continue to fall. So it ought to be a help to appeal for calm, I fear that it will not be sufficient."
WHITTLE: "Do you find you're getting a lot of pound for your dollars now?"
AMERICAN MAN: "Yes, we pity poor England, but we appreciate the exchange we get."
INDIAN LADY: "Shopping we could do in India too, but I'm having a nice time all the same, it is so different. Very nice."
AMERICAN MAN: "I don't want to make any comments, because I'm afraid you're, I'm afraid you're almost getting what you deserve."
Initials BB/0245 DE/PW/BB/0330
This film is serviced with English speech by a currency dealer, Mr. Tom Lockett and with English comments by people in he street, interviewed by Visnews' Peter Whittle. Transcripts appear below.
Script is copyright Reuters Limited. All rights reserved
Background: 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.