The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.9510 level and was supported around the $1.9405 level. Traders are still speculating as to how close the Bank of England’s vote was yesterday to reduce the repo rate by 25bps. Data released in the U.K. today saw IDS pay awards average 4% in the three months to January, up from 3.3% in the quarter to December. These data support the view the BoE will be forced to reduce interest rates gradually. Traders await next Wednesday’s quarterly inflation report. NIESR reported U.K. growth fell below its trend growth rate in the three months to January. Moreover, it was reported that Q4 mortgage repossession orders were up 6% y/y in England and Wales. Cable bids are cited around the US$ 1.9260 level. The euro weakened vis-à-vis the British pound as the single currency tested bids around the ₤0.7425 level and was capped around the ₤0.7455 level.