The British pound came off vis-Ã -vis the U.S. dollar today as cable tested bids around the US$ 1.9775 level and was capped around the $1.9890 level. Cable was soft on economic data that saw the CIPS December PMI survey decline to 52.9 from Novemberâ€™s reading of 54.3 Traders reacted by reducing long exposure to the pound on the premise that the deceleration in manufacturing growth could result in an interest rate reduction by Bank of Englandâ€™s Monetary Policy Committee next week. Cable bids are cited around the US$ 1.9590 level. The euro moved higher vis-Ã -vis the British pound as the single currency tested offers around the ₤0.7445 level and was supported around the ₤0.7355 level.
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