The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.6745 level and was supported around the $1.6575 level. Bank of England Monetary Policy Committee member Sentance dovishly said I think it's premature at the moment to talk about policy tightening, we'll have to judge that against the pace of growth and the outlook for inflation as we go through next year and beyond. I believe we are in the early phases of recovery, but I would say that these are very early phases, business confidence and business sentiment are very fragile, and it'll only perhaps be when the recovery is more well established that I think there'll be a more widespread feeling that yes, the economy's back on a growth track. Most traders believe the BoE will keep interest rates unchanged for several months. Data released in the U.K. today saw Q3 gross domestic product off 0.3% q/q and off 5.1% y/y. On the political front, Chancellor Darling defended secret emergency lending provided to Royal Bank of Scotland and HBOS last year in the amount of ?61.6 billion through BoE. Cable bids are cited around the US$ 1.6430 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ?0.9055 level and was supported around the ?0.8975 level.