The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.9815 level and was capped around the $2.0100 figure. Traders cited relatively strong bids from the Middle East and stops were hit above the $2.0000 figure before the paid came off. Most traders expect Bank of England’s Monetary Policy Committee will continue to ease monetary policy in 2008. The British pound gained about 0.85% vis-à-vis the U.S. dollar in 2007. Cable bids are cited around the US$ 1.9590 level. The euro came off vis-à-vis the British pound as the single currency tested bids around the ₤0.7320 level and was capped around the ₤0.7380 level.