The pound sterling is stronger ahead the U.S. Treasury's press conference on Monday where details will be provided about its Public-Private Investment Program.

The program will create subsidies to encourage private sector investments to purchase toxic debt and offset risk, Treasury Secretary Timothy Geithner has said, adding it will initially be worth $500 billion but could be expanded to $1 trillion.

Meanwhile, European Central bank President Jean-Claude Trichet told the Wall Street Journal that he expects a gradual recovery in the euro zone in 2010. He also said the ECB is likely continue to take non-conventional measures through the banking channel.

Also speaking overnight, Bundesbank President Axel Weber said rates in the euro zone are heading down. He also argued that the central bank has already taken extraordinary measures beyond lowering rates.

Data taken at 7:26 a.m. EDT,

GBP/USD up 1.66 cents to 1.4631

Euro/GBP down 0.62 pence to 0.9328

GBP/CAD up 0.77 cents to 1.8031

By Erik Kevin Franco, efranco@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca