The British pound depreciated vis-Ã -vis the U.S. dollar today as cable tested bids around the US$ 1.9760 level and was capped around the $1.9840 level. Cable weakened to its weakest showing since 21 August. Data released overnight saw Hometrack December house prices fall 0.3% to their lowest level in three years. Bank of England MPC policymaker Blanchflower was dovish in remarks saying I take the view that there remains a considerable amount of slack in the UK economy in general and in the labour market in particularâ€¦ Any apparent evidence of increasing wage pressure that can be construed from these measures is misleading: wage growth is benign and is likely to remain so. Cable bids are cited around the US$ 1.9640 levels. The euro moved higher vis-Ã -vis the British pound as the single currency tested offers around the ₤0.7285 level and was supported around the ₤0.7240 level.
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