The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.6530 level and was capped around the $1.6720 level. Data released in the U.K. today saw the seventh consecutive monthly expansion in the U.K. services sector as PMI services printed at 56.6, down from 56.9 in October but above the boom-or-bust 50.0 level. Bank of England Chief Economist Dale yesterday reported the economy appears to have turned but warned some factors could inhibit the economic recovery. BoE Monetary Policy Committee member Posen this week said new monetary policymaking tools are required to stop asset bubbles and reiterated inflation-targeting will continue. Cable bids are cited around the US$ 1.6430 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the ?0.9115 level and was supported around the ?0.9040 level.