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The pound fell at $1.5933 and was off the low of $1.5824 it experienced on Friday, Reuters reports.
According to the news provider, the early decline was partly due to the UK finance minister revealing that the government will authorise further stimulus by the central bank.
What's more, forex traders were also cautious of chasing the downside due to expectations regarding UK consumer inflation staying above the Bank of England's target.
There was more negative news for sterling this morning as the euro rose by 0.2 per cent against the pound at 87.45 pence, despite hitting a five-month best of 88.05 last week.
On Friday afternoon, weak US payrolls, which supported beliefs that monetary policy would be eased, helped the UK currency reach a session high against the dollar - at $1.5940, up 0.4 per cent on the day - the news provider reported.
Posted by Greg Secker
