The British pound depreciated sharply vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.4940 level and was capped around the $1.5195 level. Bank of England kept its official bank rate target unchanged at 0.50% today and will continue its program of asset purchases, increasing its size by ‚¤50 billion to ‚¤125 billion. The timing of this announcement took many traders by surprise. Most BoE-watchers believe the BoE does not want to reduce its main refinancing rate below 0.50%. Cable bids are cited around the US$ 1.4735 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ‚¤0.8935 level and was supported around the ‚¤0.8765 level.