FX round-up: Sterling lower as traders look ahead to raft of US, UK, Europe news
Sterling is lower on most key crosses on Monday afternoon, with the story at week's start mostly one of malaise, the US dollar and rate hikes as traders look to a raft of data and economic news later in the week.
At about 17:15 GMT, sterling was down 0.43% to $1.2238, and also down 0.1% to €1.1561. The dollar-spot index limped up 0.1% to $101.640.
"That the back end of the week is so cluttered (with data and announcements) helps explain ... why the week has gotten off to such a dreary start," said Spreadex's Connor Campbell.
The financial analyst pointed to UK Chancellor Philip Hammond unleashing his Brexit-dominated budget on Wednesday, followed by Thursday's inflation-eyeing European Central Bank press conference.
On Friday, stateside, there is the final non-farm-shaped piece of major data ahead of the US Federal Reserve's March meeting.
These events are alongside a string of other production, employment and trade balance figures out variously across the US, UK and Europe, most of which will be watched closely.
Campbell said a less-sharp-than-expected drop in American factory orders did absolutely nothing for the dollar, which kept sterling at a near seven-week low.
US manufacturing orders rose at a 1.2% year-on-year clip in January, after a rise of 1.3% in December.
Sterling slipped lower on the aussie, loonie, rand and yen, but managed a minor gain against the New Zealand dollar.
The dollar fell against the rand and yen, but was up against the aussie, loonie and kiwi, as well as the euro, which has been undermined by political, economic and debt issues.
US dollar resilience had been engendered by US Federal Reserve chair Janet Yellen's nod and a wink on a March rate rise, accompanied by hawkish commentary from other central bank officials.
"Crucially, despite the Fed's dot plot pointing towards three hikes in 2017, a rate rise this month could provide us with a heightened chance of four hikes this year," said IG's Joshua Mahony in a statement.