The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.9905 level and was supported around the $1.9760 level. Cable reclaimed much of yesterday’s losses following some fairly hawkish comments from Bank of England Monetary Policy Committee member Besley. He said What is key is that we are going to see a run-up due to food and electricity prices. The Bank is committed, and will remain committed, to bringing inflation back to target over the medium term. There is quite a long chain of links before import prices hit you and me. Some we buy as raw materials, such as petrol, hit us more immediately. But for a lot of goods there is a chain through which it will eventually come. The speed with which it comes through and by how much is something about which there is much uncertainty. Data released in the U.K. today saw Land Registry January house prices in England and Wales rose 0.9% m/m and 6.4% y/y. Cable bids are cited around the US$ 1.9730/ 1.9660 levels. The euro gained marginal ground vis-à-vis the British pound as the single currency tested offers around the ₤0.7635 level and was supported around the ₤0.7610 level.