The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.9360 level and was capped around the $1.9500 figure. The pair came within 25 pips of establishing its lowest price since April 2007. Minutes from Bank of England’s February Monetary Policy Committee meeting were released today and they evidenced an 8-to-1 meeting to reduce the repo rate by 25bps to 5.25%. MPC archdove Blanchflower voted for a 50bps monetary easing. Traders interpreted these minutes as an indication the MPC would continue to ease interest rates over the coming months. MPC member Barker reported My chief concern is the significant possibility of a large downside risk to growth, and therefore to inflation, as the impact of the credit tightening works through the economy… this might suggest an immediate case for lowering interest rates further, it is not compelling. Data released in the U.K. today saw the February CBI industrial trends survey report total new orders were at above normal levels at +3 from +2 in January. Other data released today saw CML January gross mortgage lending up 11% m/m while January public sector net borrowing registered -₤14.1 billion. Cable bids are cited around the US$ 1.9260 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.7570 level and was supported around the ₤0.7530 level.