The British pound came off vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.4725 level and was capped around the $1.4955 level. Chancellor of the Exchequer Darling reported the U.K.€™s recession is €œworse than we thought€ and said any economic growth €œmay be in the back end of the year.€ Bank of England reported it will establish a temporary currency swap agreement with the Federal Reserve if required to ensure an adequate supply of sterling liquidity to the U.S. if required. CBI reported U.K. businesses had better access to credit in the three months to March than the previous three month period. Cable bids are cited around the US$ 1.4515 level. The euro came off vis-à-vis the British pound as the single currency tested bids around the ‚¤0.9035 level and was capped around the ‚¤0.9110 level.