Nearing the close of play in the London session we saw the pound mixed against our three bellwether currencies:

The pound euro exchange rate is flat at 1.1844.

The pound to US dollar exchange rate is 0.4 pct lower at 1.5386.

The pound to Australian dollar exchange rate is 0.57 pct higher at 1.5400.

9:16: Elsewhere - it is the JPY that is in focus

Barclays Capital:

"We continue to expect USD/JPY to trade at 103-105 and to drift higher on a shift in market expectations of the US economy, the expiration of barriers, and cleaner positions post-BoJ."

12:00: Stay short sterling say Barclays

More from Barclays - this time on GBP's outlook:

"The move higher in GBP/USD has surprised us and the market, but we believe the fundamentals underlying our bearish view on GBP largely remain in place."

15:00: What does Lloyds' exit from Spain mean for UK expats?

On the expat front we hear from currency specialists HiFX:

"Mark Bodega, Marketing Director at HiFX comments on Lloyd’s Banking Group’s decision to sell its branch network in Spain:

"The announcement that Lloyds Banking Group is selling its 28  branches in Spain to Banco Sabadell will understandably worry the thousands of expats in Spain who bank with Lloyds.  The bank looks after thousands of expat mortgage customers and current account holders, and we know some are concerned about whether the switch over between the two banks will slow down such things as money transfers. The deal will be completed later this year, and if expats are worried about how they could be affected, especially with the likes of money transfers, then they should  look at using a currency specialist, which will not only save them up to 4% on the exchange rate they receive but also help them avoid the unnecessary international banking fees charged each and every time they make a transfer”.