The pound eased up in the last 24 hours against the dollar as indications from the property market suggested a rate cut may not be a matter of urgency.

Rics released its latest house price survey, showing that while the market was cooling off it was doing so gradually, with the rate of contraction now at its slowest for more than a year.

This morning the dollar stood at 1.7448 to the pound, while the euro was 1.4607 against sterling.

Meanwhile, the lower-than-expected rate of inflation underlined by figures from the Office of National Statistics also helped shape analysts' outlook.

Consumer price inflation (CPI) was up to 2.5 per cent, rising 0.1 per cent from August's figures.

The news that inflation is slightly lower than expected may make a rate cut more likely, but the comparative lack of movement means attention will now be focussed on the minutes from the Monetary Policy Committee's October meeting due out tomorrow.

Retail sales analysis out later this week will also be closely studied, as a welter of economic data on the UK is pored over by currency experts and market analysts.