The British pound moved sharply lower vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.4860 level and was capped around the US$ 1.5145 level. Prime Minister Brown pledged this weekend to spend ₤500 million to prevent unemployment from worsening. Brown is expected to announce plans later this week to increase bank lending, saying We've got to make sure this risk aversion to lending is brought to an end. Brown will meet with French President Sarkozy and German Chancellor Merkel to discuss common economic problems. Cable bids are cited around the US$ 1.3920 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.9020 level and was supported around the ₤0.8860 level.
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