The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.6420 level and was capped around the $1.6745 level. Bank of England Deputy Governor Tucker today indicated banks need to €œradically simplify their structures and provide more information about what funds they would use in an emergency.€ The U.K. Treasury today reported the BoE and the Financial Services Authority will obtain new powers to help prevent future crises. There has been widespread media reports over the past couple of days indicating the U.K. Treasury will not change the central bank€™s mandate to keep inflation under control but will give the FSA new powers to control banks€™ balance sheets. Data released in the U.K. today saw the Q1 current account deficit narrow to -‚¤8.5 billion from -‚¤8.8 billion in Q4. Also, Q1 gross domestic product was off 2.4% q/q and 4.9% y/y, the largest decline in 50 years, while Q1 total business investment was off 7.6% q/q and 9.7% y/y. Additionally, Nationwide reported June house prices were up 0.9% m/m and off 9.3% y/y. Cable bids are cited around the US$ 1.6125 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ‚¤0.8535 level and was supported around the ‚¤0.8435 level.