AS we begin the gradual lead up to the general election – scheduled for May next year – even party politics, jostling, sniping and even defecting MP’s cannot unsettle sterling.

Lower mortgage approvals were reported this Monday, which perhaps signals a housing market that is cooling off.

However, since 2008 we have only seen the pound reach above the dizzying heights of €1.28 twice and it has been settled above that bar for a few days now.

With the geo-political distractions in Iraq and Syria, we are now often seeing quite tame markets, especially with the outcomes being so difficult to gauge.

There is also a little-known code of conduct on the city trading floors (shocking, I know) by which many traders will not seek a commercial gain from such events as air strikes or natural disasters. Most do have scruples you know, although it is a well-kept secret!

The market is not expecting any great change this month. Again it will be about any stimulus programmes announced to get the European consumers spending.