The British pound weakened vis-Ã -vis the U.S. dollar today as cable tested bids around the US$ 1.9735 level and was capped around the $1.9875 level. Many data were released in the U.K. today. First, February retail sales were up 0.1% m/m and 5.5% y/y. Second, public sector net borrowing reached a net ₤2.7 billion in February. Third, CML February gross mortgage lending fell 7% m/m. Fourth, February provisional M4 money supply growth registered 0.3% m/m and 12.3% y/y. Bank of England offered ₤10.93 billion of reserves for its weekly auction today and the liquidity was oversubscribed by nearly three times. Cable bids are cited around the US$ 1.9605 level. The euro moved lower vis-Ã -vis the British pound as the single currency tested bids around the ₤0.7770 level and was capped around the ₤0.7890 level.
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