Sterling weakness has been a feature of Asian trade, GBP/USD down at 1.6110 from a North American close Friday around 1.6200, while EUR/GBP is up at .8640 from around .8595.
General risk sentiment is looking somewhat fragile, which will be helping to undermine cable. But a couple of other developments will be underminning sterling in particular.
The IMF has concluded that the UK’s indebtedness has left it unable to provide vital stimulus to the economy over the next 18 months.
Elsewhere, there are reports LLoyds Banking Group is poised to write-off as much as £13 bln on it’s loans to commercial property, businesses, and mortgage holders.
Nothing in the way of European economic data likely to move the market today.
