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According to Reuters, sterling was up around 25 pips at $1.5858 before easing back to trade at $1.5833 - an approximate 0.3 per cent decrease on the day.
The positive change came when the Office for National Statistics noted that producer input increased by 0.7 per cent on the month in September with the annual level going up to 9.5 per cent from 8.7 per cent in August.
The news provider noted that this was higher than the market predicted the figures would be.
But earlier this morning the pound struggled against the euro after the former moved close to a five-month low against the single currency.
This result came after yesterday's decision by the Bank of England to maintain the interest rate, with Reuters noting that many individuals considered the decision to be a compromise to reflect a three-way policy split.
Posted by Chris Weaver
