The British pound moved higher vis-Ã -vis the U.S. dollar today as cable tested offers around the US$ 1.9910 level and was supported around the $1.9720 level. Technically, todayâ€™s intraday low was right around the 61.8% retracement of the move from $1.9955 to $1.9355. Data released in the U.K. today saw the February service sector PMI survey improve to 54.0 from 52.5. Also, BRCâ€™s February shop price index evidenced annual growth of 1.3% from Januaryâ€™s 1.2% level. On a negative note, Nationwide consumer confidence fell to 78 in February, its lowest level ever. REC reported February permanent job placements fell for the first time since 2003. CBI reported service sector firms were the most pessimistic theyâ€™ve been since November 2001, adding business volumes fell well below normal levels. Cable bids are cited around the US$ 1.9730/ 1.9660 levels. The euro appreciated vis-Ã -vis the British pound as the single currency tested offers around the ₤0.7685 level and was supported around the ₤0.7645 level.
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