·         Sterling enjoys a good week; 1.5% against EUR, 1.9% against USD

·         Euro continues to weaken on fears for Greece.

·         Public Holiday in the US.

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Sterling did, as we thought, retreat on Friday against both the euro and US dollar although it still managed to advance 1.9% and 1.5% against them respectively over the course of the week.

Last week’s movements are good news for the pound as it was able to profit in a week with little to no good news for it nor the global economy and a poor start to the earnings season. The simple and most straightforward reason for the slippage on Friday is profit taking before the long weekend stateside.

As the nation gears up for the election and the barrage of tripe starts from Westminster the weekends will become increasingly key for sterling. Political talk shows and the predilection for opinion polls in Sunday papers will see morning trade particularly volatile. The lack thereof this weekend has so far put it in a good stead this morning; this is the exception however.

With the US bank holiday today, trade is likely to be fairly slow as US earnings season will continue to be the driver of risk and therefore currencies over the coming weeks. There is no G7 data today and as such European equity and bond markets will form the majority of investor focus today.

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