The British pound appreciated sharply vis-Ã -vis the U.S. dollar today as cable tested offers around the US$ 2.0060 level and was supported around the $1.9890 level. Cable reached its highest level since 31 December. As expected, Bank of Englandâ€™s Monetary Policy Committee did not change monetary policy today. Most traders believe BoE may reduce interest rates again next month or May, with the latter looking the most probable time frame. Data released in the U.K. today saw Halifax February house prices off 0.3% m/m and up 4.2% y/y. Cable bids are cited around the US$ 1.9730/ 1.9660 levels. The euro moved lower vis-Ã -vis the British pound as the single currency tested bids around the ₤0.7635 level and was capped around the ₤0.7690 level.
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