Sterling steady as we enter the busy part of the week

Although Tuesday’s data releases for industrial and manufacturing production were mixed, sterling enjoyed a positive day against both the euro and the US dollar. Markets seemed to be more focussed on news from elsewhere and the release on Thursday of the influential Bank of England quarterly inflation report.

Today sees little economic data from the UK, but the situation in Greece is likely to dominate at today’s Eurogroup meeting, called specifically to discuss the situation in Greece, meaning we could see movement in exchange rates as news filters out.