Sterling drops to month low

<p>Sterling is at its weakest point in a month.</p>

Sterling fell to its lowest point against the euro in the last month during yesterday's (April 17th) trading and was also down compared to the US dollar.

It fell below 1.53 against the dollar in the morning session in the wake of the release of the minutes of the latest meeting of the Bank of England's Monetary Policy Committee.

Andy Scott, premier account manager at foreign currency exchange brokers HiFX, explained sterling lost value as a result of the language being used around inflation changing.

"Sterling has recovered from its lowest levels against the dollar and the euro in the last few week but is still lower by nearly six per cent from where it started the year at," he said.

Richard Wiltshire, chief FX broker at ETX Capital, recently told Reuters how investors have a general tendency to sell sterling on any rallies, which tends to be whenever the pound is at around the $1.54 mark.

Learn about the sterling and forex trading at City Index.

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