Investing.com - Sterling fell back below the $1.29 mark Tuesday as Bank of England Deputy Governor Ben Broadbent failed to address a putative shift in the bank's monetary policy.
The pound was off 0.19% at $1.2856 at 09:30 ET after a high of $1.2927.
In a speech, Broadbent opted instead to focus on the damaging effect to both the European Union and British economies if trade is reduced in a post-Brexit situation.
"Trade really is mutually beneficial and less of it costs us all," Broadbent said.
Expectations have grown of late for policy tightening by the BoE policy to address inflationary pressures brought on by the pound's weakness.
Inflation is currently running well above the BoE's target of 2%. It stood at 2.9% in May.
Three members of the bank's Monetary Policy Committee voted at its June meeting to raise the bank rate by 25 basis points from its historic low of 0.25%.
The pound was off 0.21% at €1.1276 against the euro.
The euro was steady at the $1.14 mark. The dollar index advanced 0.07% to 95.88.