The British pound moved higher vis-Ã -vis the U.S. dollar today as cable tested offers around the US$ 1.4070 level and was supported around the $1.3860 level. Representatives from leading finance ministries and central banks are convening near Brighton this weekend to plan for the Group of Twenty meeting on 2 April. One theme that is emerging ahead of the G20 meeting is that there appears to be a lack of consensus about how to tackle the global economic recession. The Obama administration is said to be pressuring the European Union to boost the already-announced ‚¬200 billion fiscal stimulus it plans to provide member states. On the domestic front, Bank of England Monetary Policy Committee member Barker reported €œWhile the scale and timing of these various impacts is uncertain, quantitative easing should bring about a pick-up from the present weakness in nominal spending, supporting economic activity€¦So on balance, the economic outlook has deteriorated further over the past month.€ Cable bids are cited around the US$ 1.3740 level. The euro moved lower vis-Ã -vis the British pound as the single currency tested bids around the ‚¤0.9165 level and was capped around the ‚¤0.9295 level.
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