The British pound moved lower vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.6325 level and was capped around the $1.6475 level. Bank of England's Monetary Policy Committee is expected to keep monetary policy unchanged this week. Some economists are calling for the MPC to expand its bond-buying program by ?50 billion while other MPC-watchers believe policymakers will not expand its quantitative easing programs at this time. Overall, the market consensus seems to favour an increase in the bond-buying program this week. Data released in the U.K. today saw October PMI manufacturing improve to 53.7 from 49.9 in September. Cable bids are cited around the US$ 1.6240 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ?0.9050 level and was supported around the ?0.8950 level. Euro bids are cited around the ?0.8780 level.
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