The British pound moved lower vis-Ã -vis the U.S. dollar today as cable tested bids around the US$ 1.5835 level and was capped around the $1.5935 level. Liquidity was diminished on account of the market holiday and will return to normal overnight. Chancellor the Exchequer Darling cautiously said yesterday €œI believe that we will see a return to growth by the end of the year. I said that in the budget and I haven't changed my view on that but...there is a lot of uncertainty out there.€ Data released in the U.K. on Friday saw Q1 GDP contract 1%, the third consecutive month of declining output. Cable bids are cited around the US$ 1.5315 level. The euro gained ground vis-Ã -vis the British pound as the single currency tested offers around the ‚¤0.8820 level and was supported around the ‚¤0.8785 level.
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