The British pound appreciated sharply higher vis-Ã -vis the U.S. dollar today as cable tested offers around the US$ 1.6985 level and was supported around the $1.6695 level. Cable reached its highest level since 21 October 2008 following greater global risk appetites. Positive earnings results from U.K. banking giant HSBC contributed to sterling€™s bid tone. Also, data were released that showed the manufacturing sector improved for the first time since March 2008 with the July PMI index stronger at 50.8, up from 47.4 in June. Bank of England€™s Monetary Policy Committee convenes on Thursday and could announce some policy decisions regarding an unwinding of its quantitative easing policies. Cable bids are cited around the US$ 1.6695 level. The euro moved lower vis-Ã -vis the British pound as the single currency tested bids around the ‚¤0.8460 level and was capped around the ‚¤0.8535 level.
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