The British pound moved higher vis-Ã -vis the U.S. dollar today as cable tested offers around the US$ 1.9890 level and was supported around the $1.9810 level. Technically, todayâ€™s intraday low was right around the 76.4% retracement of the move from $1.9955 to $1.9355. Data released in the U.K. today saw February construction PMI recede to 52.4, its weakest level since June 2006. It was also reported that U.K. companies spent ₤25.8 billion on acquisitions overseas in Q4 2007. Bank of Englandâ€™s Monetary Policy Committee is not expected to reduce interest rates on Thursday with a move more likely in April or May. Cable bids are cited around the US$ 1.9730/ 1.9660 levels. The euro weakened vis-Ã -vis the British pound as the single currency tested bids around the ₤0.7635 level and was capped around the ₤0.7665 level.
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