The pound enjoyed a temporary rally, mainly against the dollar, after the publication of high money supply figures for the UK. UK M4 money supply accelerated to an annual 13.0 pct in January, above the 12.8 pct expected, and comes just a day after the Bank of England said in a statement that it would be "unwise to ignore money supply entirely." The data "should bode badly for future UK interest rate expectations," said David Brown at Bear Stearns. He noted that BoE governor Mervyn King is a "deep-rooted monetarist", and that he would interpret high money supply as a risk of higher inflation. "These numbers probably tilt the risks to a further hike as soon as the March meeting," Brown said. The pound rose to 1.9518 usd from 1.9490 usd ahead of the data. Most of the gains were nevertheless given up over the next hour, as investors remain focused on tomorrow's minutes on the BoE February rate decision for more hints as to the likelihood of a March hike.