The British pound moved lower vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.6300 figure and was capped around the $1.6430 level. Bank of England€™s Monetary Policy Committee convenes next week and is not expected to change monetary policy at this time. Data released in the U.K. today saw the June CIPS PMI services survey decline to 51.6 from 51.7 in May. Some economists believe the U.K. economy will emerge from recession this quarter but it is unlikely that policymakers will unwind their massive monetary and fiscal stimuli anytime soon. It was also reported today that U.K. residents added ‚¤8.1 billion to their housing equity in Q1, up from ‚¤7.8 billion in Q4. Cable bids are cited around the US$ 1.6180 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ‚¤0.8585 level and was supported around the ‚¤0.8515 level.