The British pound depreciated vis-Ã -vis the U.S. dollar today as cable tested bids around the US$ 1.9805 level and was capped around the $1.9935 level. Sterling could not retain intraday gains it made after the U.K. February manufacturing PMI survey improved to 51.3 from 50.7 in January and the prices sub-index remained strong. Lloyds TSB released a survey that reported consumersâ€™ fears about inflation were rapidly worsening. Bank of Englandâ€™s Monetary Policy Committee is expected to keep its repo rate unchanged on Thursday and possibly lower rates in April or May. Cable bids are cited around the US$ 1.9730/ 1.9660 levels. The euro appreciated vis-Ã -vis the British pound as the single currency tested offers around the ₤0.7675 level and was supported around the ₤0.7635 level.
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