The British pound moved higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.4705 level and was supported around the US$ 1.4490 level. The Brown government formally launched a ₤20 billion package to help businesses with credit issues. Data released in the U.K. today saw Q3 corporate profitability off 13.9%. Traders are closely watching the employment situation in the U.K. following Barclays’ announcement that it will trim more jobs after laying-off 4,600 people last week. Cable bids are cited around the US$ 1.3920 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the ₤0.8975 level and was capped around the ₤0.9125 level.
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