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This came after the single currency experienced a drop of 0.3 per cent against sterling at 87.12 pence earlier this morning, Reuters reports.
It hit a session low of 87.00 pence, although after gains it failed to reach a five-month high of 88.05 pence, which it managed last week.
In addition, these moves followed on from the consumer prix index inflation rate remaining at 3.1 per cent, leading Monetary Policy Committee member David Miles to predict that the Bank of England could use quantitative easing (QE) in the future.
After Mr Miles's comments, Jane Foley, senior currency strategist at Rabobank, noted that he has moved from his position as a hawk to sitting on the fence.
She added: "The headlines did impact the pound, which suggest that sterling is extremely sensitive to the 'will they, won't they?' argument on QE."
Posted by Clive Arneil
