The Bank of England inflation report had undermined sterling. The Bank of England released their quarterly inflation report at mid-day today. The BoE have suggested it will take 2 years for UK inflation to return to its target level of 2% and that interest rates will remain on hold for the entirety off 2016. Whilst this is great news for mortgage holders, it is not great news for the pound and we have seen GBP lose ground against all currencies.
For the short term this weakness in sterling looks set to continue. If you’re looking to move funds from sterling to another currency in the coming days/weeks then making your move sooner rather than later seems sensible.