Sterling is in a sticky spot sinking briefly under $1.22 amid a nasty mix of factors

including today's House of Lords debate on the Brexit process, and softer-than-expected UK house price gains.

In addition, retail sales data provided signs of stress for the so-far resilient UK consumer,

with non-food retail sales dipping for the first time since 2011.

That all comes just as the dollar was on the up, boasted by increasingly firm expectations that the US will raise interest rates again as soon as this month.

All in all, it's a bad mix.

On the plus side, this could deliver a boost to UK stocks, which tend to benefit from a weaker currency.

Meanwhile, currency reserves across some of Europe's smaller and more recent markets are in focus.

Switzerland Central Bank said today that its foreign currency reserve have hit a new record.

A sign that it's slurping up Euros, to try and keep the Frank in check.

The Danes also reported a pickup in reserves last week, while also today, the Czechs reported a rapid accumulation.

Pressure on its limit on the currency is set to crank up sharply in the coming months.