SearchThe British pound depreciated vis-à-vis the U.S. dollar last weekjason 11th August 2008 The British pound depreciated vis-à-vis the U.S. dollar last week as cable tested bids around the US$ 1.9145 level and was capped around the $1.9760 level. The pair lost about 540 pips last week. Chancellor Darling defended the BoE’s inflation remit. BoE’s MPC kept the repo rate unchanged at 5.0%. Data released in the U.K. last week saw July PMI services improved to 47.4; Q1 mortgage repossessions were up 40% y/y; June manufacturing output fell 0.5% m/m and 1.3% y/y; July construction PMI fell to 36.7; Halifax house prices were off 1.7% m/m and 8.8% y/y; Nationwide July consumer confidence fell to +51; the BRC July shop price index was up 3.2% y/y; July REC permanent staff placements fell to 44.1; NIESR sees Q1 GDP slowing to 0.1% in the three months to July; and CML mortgage repossessions jumped 18,900. 
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