The British pound moved higher vis-Ã -vis the U.S. dollar today as cable tested offers around the US$ 2.0190 level and was supported around the $2.0035 level. Technically, todayâ€™s intraday low was right around the 38.2% retracement of the move from $2.1160 to $1.9335. Bank of England announced it is offering ₤13.62 billion in its weekly repo operation, up from last weekâ€™s tally of ₤10.94 billion. Three-month sterling Libor reached a new 2008 high at 6.00375% today, indicative of funding pressures ahead of the end of the quarter. Data released in the U.K. today saw the CBI March retail sales volume balance improve to +1 from -3 in February. Also, BBA reported that February new house purchases rose to ₤5.6 billion from ₤5.0 billion in January. Additionally, Q4 business investment was upwardly revised to 1.8% from a 0.5% decline. Cable bids are cited around the US$ 1.9880/ 1.9605 levels. The euro came off vis-Ã -vis the British pound as the single currency tested bids around the ₤0.7810 level and was capped around the ₤0.7900 figure.
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