The British pound moved higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.6300 figure and was supported around the 1.6180 level. Bank of England Monetary Policy Committee member Besley reported he sees economic growth returning by the end of the year during a period of recuperation and recovery. He added he sees some sort of growth in 2009 and 2010. Data released in the U.K. today saw August house prices rise 0.1% m/m, the first rise since July 2007, and were off 6.7% y/y. Cable bids are cited around the US$ 1.6030 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the 0.8825 level and was supported around the 0.8775 level.
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