The British Pound (GBP) is largely flat against the US Dollar (USD) heading into Monday’s North American session, underperforming most G10 peers, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

UK lending data slightly softer than expected

"The GBP is trading flat to the USD and underperforming all of the G10 currencies as we head into Monday’s NA session. Second-tier lending data were slightly softer than expected and the final manufacturig PMI print held steady in marginally expansionary territory with a print of 50.2."

"BoE risk is elevated as we look to a scheduled speech from noted MPC dove Dhingra at 10:30am ET, ahead of a pair of speeches from moderate MPC member Mann on Wednesday and Thursday. The outlook for the BoE remains dovish with markets almost fully pricing on 25bpt for December and a cumulative 53bpts of easing by June."