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The Pound and Euro both strengthened 0.7% and 0.4% respectively, against a broadly weaker US Dollar as markets opened for the week on Monday.

A trove of dovish surprises from the European Central Bank sunk the Euro last week. Federal Reserve is expected to hike rates on Wednesday.

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The Euro fell sharply almost 2% against both Sterling and the US Dollar on Thursday, its largest decline versus the greenback since the Brexit vote.

The Pound registered its largest decline in two months against the Euro on Wednesday ahead of today’s crucial ECB meeting.

Sentiment towards the Euro was dampened yesterday by comments from Italy’s interior minister suggesting a general election was likely as soon as February.

Euro soared on Monday back to around 1.08 level against the USD despite the resounding rejection of Italian PM Renzi’s reforms on Sunday.

A fairly calm week in FX markets came to a sudden end on Sunday, as Italians soundly rejected the proposed political reforms in a referendum.

Brexit secretary David Davis claimed yesterday that the government would consider paying into the EU budget. Pound reacted positively to the news.

The Euro sank back below the 1.06 level against the US Dollar on Wednesday, while suffering from its worst monthly performance against Sterling since 2009.