The British pound moved higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.4345 level and was supported around the $1.4125 level. A government poll reported U.K. public inflation expectations for the next twelve months edged up to 1.1% in January from December’s record low of 0.8%. Data released in the U.K. today saw October average earnings up 3.4% y/y. Most dealers believe Bank of England’s Monetary Policy Committee will continue to drive interest rates lower. Cable offers are cited around the US$ 1.4615 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the ₤0.9260 level and was capped around the ₤0.9350 level.
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