The British pound weakened vis-Ã -vis the U.S. dollar today as cable tested bids around the US$ 1.6185 level and was capped around the $1.6470 level. Data released in the U.K. today saw CML May gross mortgage lending decline to ‚¤10.3 billion. Also, May retail sales were off 0.6% m/m and 1.6% y/y, a stark contrast with April€™s 0.9% m/m and 2.6% y/y increases. Third, May public sector borrowing reached a record net ‚¤19.9 billion. Fourth, the May CBI industrial trends survey rallied to -51 from -56. Cable bids are cited around the US$ 1.6110 level. The euro moved higher vis-Ã -vis the British pound as the single currency tested offers around the ‚¤0.8605 level and was supported around the ‚¤0.8490 level.
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