The British pound moved lower vis--vis the U.S. dollar today as cable tested bids around the US$ 1.9835 level and was capped around the $1.9950 level. Most traders expect Bank of Englands Monetary Policy Committee to lower the headline repo rate on Thursday, with a 25bps easing being the most likely scenario. Chancellor of the Exchequer Darling called on the G7 to lay out a clear and detailed plan of action to counter market turmoil. Cable bids are cited around the US$ 1.9605 levels. The euro moved higher vis--vis the British pound as the single currency tested offers around the ₤0.7915 level and was supported around the ₤0.7865 level.
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