The British pound strengthened sharply vis-Ã -vis the U.S. dollar today cable tested offers around the US$ 1.9740 level and was supported around the $1.9525 level. Technically, todayâ€™s intraday high was right around the 38.2% retracement of the move from $2.0100 to $1.9485. Sterling moved higher on December consumer price inflation data that saw price pressures remain stable at 2.1% for the third consecutive month, denting expectations BoEâ€™s MPC will reduce interest rates in February. Like other central banks, the BoE is faced with decelerating economic growth and elevated price pressures. Cable bids are cited around the US$ 1.9260 level. The euro moved lower vis-Ã -vis the British pound as the single currency tested bids around the ₤0.7525 level and was capped around the ₤0.7610 level.
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