The British pound fell vis-à-vis the U.S. dollar today as sterling tested bids around the US$ 1.6515 level and was capped around the $1.6625 level. Sterling was off sharply yesterday after the release of the Bank of England quarterly inflation report suggested inflation could exceed 2% in two years even if the central bank were to lift rates now. CML Q3 home repossessions fell but are expected to increase in 2010. BoE Governor King yesterday reported he has an open mind on future increases to the BoE's asset purchase program. Cable bids are cited around the US$ 1.6410 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the ?0.8975 level and was capped around the ?0.9065 level.
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