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Forex traders may be interested to note sterling managed to recover from yesterday's low of $1.5987 to stand at $1.6086 this morning, Reuters reports.
Greg Anderson, a currency strategist at Citi, said he is not sure whether most of the Monetary Policy Committee (MPC) agree with Bank of England (BoE) governor Mervyn King that there is not much to be worried about in terms of exceeding the inflation target.
He added: "We suspect that pressure on King to raise rates quickly is growing within the MPC, which may well come out next week."
This comes after he warned investors yesterday not to assume when the BoE will increase the interest rate, which currently stands a record low of 0.5 per cent.
Following this announcement, the pound fell by 0.5 per cent to $1.6040 yesterday afternoon.
Posted by Greg Secker
