Investing.com - Sterling was on track to recover some of last week’s losses as it started the week broadly higher against most major currencies.
At 11:00 GMT, cable jumped 0.74%, GBP/USD climbed back above 1.3100 to 1.3163.
The fifth round of Brexit talks began on Monday, with Prime Minister Theresa May commenting ahead of the talks that the ‘ball was in the EU’s court.’ However, domestic political pressures persist in Westminster.
Conservative party infighting flared up again over the weekend following the party conference in Manchester, where Theresa May’s ‘call for unity’ keynote speech was beset by a number of blunders.
Following the party conference, there have been calls by backbenchers for Theresa May to stand down, while some Conservative party members have also called for the Chancellor Philip Hammond’s head amidst suggestions that the Treasury is attempting to block Brexit and keep the UK in the single market.
Political pressures and weaker than expected data kept the pound down last week, one year on from the colossal flash crash in sterling, when the currency declined as much as 9%.
PM Theresa May will meet with executives from leading firms within the UK on Monday in a move to include private firms in Brexit talks.
The pound enjoyed gains against the single currency. EUR/GBP was down 0.56% to 0.8924.
The US markets were closed on Monday for Columbus Day, the US Dollar Index, which measures the greenback against a trade-weighted basket of six currencies was close to a 10-week high at 93.49.
Sterling enjoyed considerable gains against commodity currencies GBP/AUD was up 0.84% at 1.6968, while GBP/NZD was 1.8582, an increase of 0.82%.
GBP/CAD was 1.6501, up 0.81%.
The pound pushed higher against safe haven currencies. GBP/JPY sat at 148.26, a 0.74% jump on the previous session close. GBP/CHF was up 0.59% at 1.2875.
Investors will be watching industrial output and trade data releases on Tuesday. The bat-and-ball between the UK and the EU will also be under scrutiny this week as Brexit talks intensify.