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At 08:47 GMT, the pound was close to a one-month low against the euro after the report by GfK showed consumer confidence fell to -17 in November from -13 the previous month, Reuters reports.
The euro was up 0.4 per cent at 91.1p and had earlier touched 91.3p, while against the dollar, sterling was priced at $1.6502.
This was down on the day's high of $1.6593 but an improvement on the figure of $1.6252 that was seen on Friday.
Commerzbank analysts were quoted by the news source as saying that the pound is unlikely to rebound in the short-term, despite the fact that Duncan Higgins of Caxton FX recently predicted that the currency's strength will increase in early 2010.
"Following the significant deterioration in the pound sentiment of late, we would not expect a meaningful recovery [from sterling]," the Commerzbank researchers stated.
Posted by Clive Arneil
