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