The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.5125 level and was supported around the $1.5305 level. Cable spun lower after Prime Minister Brown called for a general election on 6 May and Parliament was dissolved. The consensus is that the election could end in a hung Parliament even if challenger Cameron of the Tory party unseats the unpopular Brown. Data released in the U.K. today saw March construction PMI improve to 53.1 from 48.5 in February. Cable bids are cited around the US$ 1.4455 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the £0.8765 level and was capped around the £0.8860 level.
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