The British pound came off sharply vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.6460 level and was capped around the $1.6675 level. Bank of England's next Monetary Policy Committee interest rate decision will be released on 3 December and rate-setters are expected to keep interest rates unchanged with the main Bank Rate at 0.50%. Bank of England Monetary Policy Committee member Fisher yesterday warned the central bank may well not be able to reduce its bloated balance sheet to pre-crisis levels. Fisher also said all options will be open when the central bank next considers its asset purchase program in February. The central bank today warned consumer credit will remain weak over the coming months. Cable bids are cited around the US$ 1.6430 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ?0.9010 level and was supported around the ?0.8945 level.
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