Sterling remained on the defensive against the dollar during Monday and struggled to rebound far from 8-month lows near 1.5520, although there was a move back to the 1.56 region. Sterling also found some support close to the 0.88 level against the Euro.
Government-debt fears remained an important element in the markets with fears that political stalemate could be an important factor in delaying measures to curb the deficit. The persistent fears surrounding Europe could offer some degree of relative protection to the currency, but will also tend to highlight UK vulnerability.
The latest economic data was mixed as the RICS reported a further increase in house prices for January while there was a weaker retail sales report from the BRC. The spending data is liable to have a bigger impact given doubts over the economic recovery and forthcoming reports will be watched closely.
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