The British pound weakened vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.6090 level and was capped around the $1.6435 level. Cable came off 260 pips in about one hour on a market rumour that Prime Minister Brown is preparing to resign, a story labeled as €œcomplete nonsense€ by a government spokesman. Local U.K. and European elections were held today and there is speculation they were difficult for Brown€™s government following the recent expenses scandal. Bank of England kept its Bank Rate unchanged at 0.5% and reported it will maintain its bond-buying program unchanged at ‚¤125 billion in size. The MPC reported it will take another two months to complete the bond purchase program which has seen nearly ‚¤80 billion purchased so far. Data released in the U.K. today saw Halifax house prices up 2.6%, its largest climb since 2002. Cable bids are cited around the US$ 1.5790 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ‚¤0.8800 figure and was supported around the ‚¤0.8625 level.