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According to Reuters, the pound dropped by 0.15 per cent to $1.6152, moving away further from the ten-month high of $1.63 it struck last week.
The news provider noted that investors had covered "short positions" following "surprisingly robust" US non-farm payrolls data.
It continued to say that the most likely occurrence is that forex traders will wait for the Bank of England's inflation report to be published later this week before making any big moves in the market, as the document will have the organisation's inflation and growth predictions.
This comes after sterling reduced its losses against the US tender on Friday, although it had slipped to decline by 0.3 per cent on the day at $1.6210 by 16:12 GMT.
However, this was an improvement on the $1.6167 low it had experienced earlier in the day's trading.
Posted by Chris Weaver
