A positive start to this week saw sterling gain ground against both the euro and US dollar on Monday. This was despite there being very little data released here or elsewhere. The American currency found itself under pressure from a bout of profit-taking by investors following the significant gains it made last week. Discussions on Greek debt took centre stage in the Eurozone once again which allowed sterling to rise to the highest level against the multi-national currency since late 2007.
Another relatively quiet day lies ahead, with no major fundamental data released. We will hear Bank of England Governor Mark Carney speak during the afternoon, and any news regarding future monetary policy will be eagerly anticipated by investors.