LONDON (AFX)- The euro opened lower against most major currencies in early London trading on a bout of profit taking, though players' sentiment remained bullish on the single currency. Following last week's hectic activity there has been little to concentrate on this week, dealers said. Jane Foley, currency strategist at Barclays Capital said: "it continues to be a corrective movement after last week's gains for the euro. Also, with little by way of economic news, the market is taking the opportunity to settle back and decide where it wants to go from here." Analysts and strategists alike were of the opinion that, in the light of recent fast gains on the euro, it is natural on the foreign exchanges to have some back-tracking and some profit taking. Foley noted that there was some were now saying that the the strongly bearish forecast the market saw over the past month may have been a little bit overdone. "The fact that the U.S Federal Reserve has eased so promptly indicates that the markets will not see the worst case scenario evolving for the U.S. In Q3, at least, we can look forward to better days for the U.S economy," she said. With little in the way of economic data this week to provide fresh impetus, the market is expected to settle down ahead of the release of U.S December retail sales on Friday. Sterling was markedly higher against other major currencies following an early dip. The Bank of England's 2-day Monetary Policy Committee meeting begins today. The majority of analysts believe that the committee will announce no change in interest rates on Thursday. "With the dollar a little bit stronger, it is going to be difficult for sterling to break above the 1.50 level," said Foley. The market saw sterling come lower from the open this morning and that is related to people not wanting to get caught out in case the Bank of England decides to reduce interest rate this week, she added.