Cable sits at 1.5150, down a full cent from Fridays North American close. Weekend poll shows Labour just 2 points behind Tories. The spectre of a hung parliament is weighing on sterling. There is also some anticipaton of large negative M&A flows eminating from Prudential’s potential purchase of Asian life insurance unit from AIG.

UK data due today:

09:30 GMT: UK mortgage approvals for January expected 50k from previous 59k

09:30 GMT: UK net consumer credit for January expected -0.1 bln

09:30 GMT: UK net lending sec on dwellings for January expected +0.9 bln

09:30 GMT: UK PMI manufacturing for February expected 56.5 from 56.7

09:30 GMT: UK M4 money supply for January/final