The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.6310 level and was capped around the $1.6455 level. Prime Minister Brown said the European Union must develop a new economic growth strategy when policymakers convene on 11 February. Data released in the U.K. today saw December consumer price inflation spike to 2.9% in December, well above Bank of England's 2.0% target and expectations of a 2.5% print. This was up from 1.9% in November but most economists believe the upward spike will prove temporary. On the flip side, a sustained rise in CPI will precipitate a policy response from Bank of England. Cable bids are cited around the US$ 1.5730 level. The euro lost ground vis-à-vis the British pound as the single currency tested bids around the ?0.8730 level and was capped around the ?0.8810 level.