Good morning and welcome back everyone, the net changes from eight o'clock on Thursday to this morning's opening levels in London are relatively modest. Sterling has moved a couple of dozen ticks higher against the US, Australian and Canadian dollars and the Swiss franc. It has fallen by one yen and 25 New Zealand cents.

Most interesting is sterling's position against the euro, where it came within a dozen ticks of the January high yesterday and went for another look early this morning - certainly worth keeping an eye on!
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