Sterling stumbled in the last 24 hours as news that manufacturing output was on the wane squeezed the market.

This morning the dollar stood at 1.7363 to the pound, while the euro was at 1.4817 against sterling.

The pound's trajectory was largely driven by data released from the Office for National Statistics showing manufacturing output was down for the second moth running in September.

A 0.3 per cent fall represented the biggest drop since the spring, with the figures weaker than expected.

All eyes will now be on the next Bank of England's monetary policy committee meeting this week, with most analysts expecting the rate to stay on hold.

The base rate currently stands at 4.5 per cent.