By Michael Vaughan

Sterling has had a poor day against both the US and Canadian dollar today falling 0.5% and 0.75% respectiveley.

The pound had started the day in a positive fashion following reports over the weekend that once again Andrew Sentance of the Monetary Policy Committee voted for an interest rate hike at this months meeting (this will be confirmed on Wednesday when the minutes are officially released). However throughout the course of the day these gains were quickly wiped out and the pound may come under continued pressure on Tuesday when will see the release of public finances data for June, with second-quarter gross domestic product figures due on Friday.