The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.4075 level and was capped around the $1.4305 level. Data released in the U.K. today saw February producer price inflation rise +0.1% m/m and 3.1% y/y, the lowest annual increase since September 2007. Also, PPI input prices were up 0.6% m/m, defying expectations of a pullback. U.K. government minister Malloch-Brown reported the depreciation in sterling has not been an €œengineered policy€ and said the G20 meeting in London on 2 April will see the U.K. call for measures to monitor protectionist policies. Construction sector output was off 7% q/q in Q4 and this helped cause GDP to contract 1.5%, the largest quarterly contraction since 1980. Cable bids are cited around the US$ 1.3740 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ‚¤0.8995 level and was supported around the ‚¤0.8860 level.