With UK markets closed for the last bank holiday of the summer last Monday, trading was understandably thin. Most focus will be on the US with the release of the Fed meeting minutes. This was where the Fed halted its interest rate hiking cycle for the first time in two years.

GBP
Despite UK markets being closed, sterling managed to gain against the dollar and the euro as stronger house prices drove the pound forward. With little UK data due out for the rest of the week, the sterling will be looking to the US and Eurozone for direction.

USD
The dollar pulled back from one-month highs against the yen in early trade as investors squared up their positions ahead the all-important Fed meeting minute's release.

EUR
The single currency eased slightly after reaching an all time high versus the yen. The highlight of the economic calendar in the Eurozone will be the ECB policy announcement.

JPY
The yen hit an all time low versus the euro and an eight-year low versus sterling after disappointing Japanese consumer price data reinforced expectations for low interest rates in Japan. Elsewhere, the yen fell against most currencies except the dollar which came under a little pressure on renewed speculation that China may allow the yuan to appreciate.