By Michael Vaughan

GBP rates have had a very mixed day against the US and Canadian dollar finishing flat against the loonie and posting late afternoon gains against the greenback.

Sterling exchange rates initially posted losses in early morning trading following some po0r public finance data coming in at some £6 billion worse than expected. However the mornings trading was reversed by the afternoon showing the initial trend was probably caused by an overreaction to the figures and the market will now look to tomorrow’s Bank of England minutes for any news on future fiscal policy.