The British pound slumped vis--vis the U.S. dollar today as cable tested bids around the US$ 1.9725 level and was capped around the $1.9870 level. Technically, todays intraday high was right around the 50% retracement of the move from $1.9360 to $2.0395. Parliament accepted the reappointment of Bank of England Monetary Policy Committee member Sentance today. Prime Minister Brown called for a higher level of disclosures from banks. Data released in the U.K. today saw Land Registry house prices in England and Wales unchanged m/m in February. Also, it was reported that U.K. private non-financial companies saw their profitability increase to a record high of 15.5% in Q4 2007. Additionally, CIPS March manufacturing PMI was steady at 51.3 while the prices sub-indices moved higher. Cable bids are cited around the US$ 1.9605 levels. The euro weakened vis--vis the British pound as the single currency tested bids around the ₤0.7870 level and was capped around the ₤0.7955 level.
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