The British pound appreciated vis-Ã -vis the U.S. dollar today as cable tested offers around the US$ 1.4935 level and was supported around the $1.4750 level. U.K. markets were opened today during the May Day holiday but will be closed on Monday. Data released in the U.K. today saw the April CIPS manufacturing survey rally to 42.9 from 39.5 in March, an indication the manufacturing sector€™s weakness may be abating. Other data saw March total consumer lending growth reach a new all-time low as the increase in mortgage lending nearly halved from February€™s level. In contrast, however, mortgage approvals increased for the fourth consecutive month. Total consumer lending expanded by ‚¤885 million in March and mortgage lending expanded by ‚¤757 million. Also, March M4 money supply growth printed at 0.2% m/m and 17.8% y/y. Cable bids are cited around the US$ 1.4735 level. The euro moved lower vis-Ã -vis the British pound as the single currency tested bids around the ‚¤0.8885 level and was capped around the ‚¤0.8985 level.
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