The British pound moved higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.4605 level and was supported around the $1.4250 level. Bank of England launched a scheme today to purchase short-term corporate debt, its latest attempt to ease credit market strains and the deep recession. This plan is the first component of the BoE’s Asset Purchase Facility, a program with a ₤50 billion initial budget. Many traders believe BoE will ease rates again in March. Cable bids are cited around the US$ 1.3965 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the ₤0.8830 level and was capped around the ₤0.9025 level.
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