The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.4970 level and was capped around the $1.5110 level. Bank of England announced new plans today involving long-term repo transactions designed to increase the provision of liquidity through accepting a wider range of collateral. Data released in the U.K. today saw the March CBI distributive trades survey decline to +13 from +23. Also, BBA mortgage approvals came in stronger-than-expected at 35,200 while February core consumer price index increased 2.9% y/y, down from January's print of +3.1% y/y. At the headline level, CPI was up 0.4% m/m and 3.0% y/y. Cable bids are cited around the US$ 1.4455 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the £0.9015 level and was supported around the £0.8965 level.