The British pound moved lower vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.5740 level and was capped around the $1.5835 level. The pair reached its highest level since 23 April. Data released in the U.K. today saw Hometrack June house prices decline for the ninth consecutive month, off 1.0% m/m and -3.2% y/y. Also, Bank of England reported May mortgage approvals came in at 42,000, the lowest number since at least 1999 while BSA reported May mortgage approvals fell to ₤2.34 billion from ₤3.19 billion. Lastly, final May M4 money supply growth was unrevised at 0.4% m/m and 10.9% y/y. Cable bids are cited around the US$ 1.9360/ 1.9100 levels. The euro came off vis-à-vis the British pound as the single currency tested bids around the ₤0.7895 level and was capped around the ₤0.7935 level.
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