Pound Sterling under pressure, dipping below 1.22, at a level last seen in mid-January.

Appears some are nervous ahead of the chancellor's budget announcement due at lunchtime.

This shapes as a delicate balancing act for Mr. Hammond and the currency actually may well snap back, once we hear from him.

Talking up the UK economies prospects in the face of Brexit and highlighting an improving budget outlet

could well sway the current cautious mood we're seeing for the Pound and the gilt market.

Looking across equity markets, the mood is rather dull, as investors are reflect on last week's record run.

Wallstreet pull back over night for the second day running with S&P futures,

indicating further downward pressure, backens at the opening.

Sentiment rather fragile here ahead of Friday's employment report.

The European shares, they are also on the defensive as investors await the European Central Bank meeting due on Thursday.

For the dollar, gains are modest as gold slips with bond trades pricing at a 90% odds of federal reserve rate tightening next week.