The British pound slumped substantially vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.4230 level and was capped around the $1.4605 level. Data released in the U.K. today saw Q4 gross domestic product growth decline 1.5$ q/q and 1.9% y/y, the largest decline in eighteen years. Notably, consumer spending declined at its fastest pace since 1991 in the final three months of 2008. Cable bids are cited around the US$ 1.4160 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.8950 level and was supported around the ₤0.8810 level.
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