Sterling strikes seven-month lows - Telegraph With the Bank of England appearing comfortable with sterling's drop, traders suggested that more losses are likely. "Policymakers are hoping that a weaker sterling will help revive the economy," said John Hardy, currency strategist at Saxo Bank. Safe-haven inflows have dried up and economic weakness means there is little reason to buy sterling. We should see a gradual drift towards $1.50. Sterling has already come under pressure amid anxiety over Britain's stuttering economy and the Bank of England forecasting higher inflation and anaemic growth. Last week, the pound suffered its biggest weekly loss since early June 2012 after a weak retail sales report for January added to gloom about the UK economy and the currency. But, analysts pointed out that some relief could be provided later this week from the latest unemployment figures. "The downside risk continues, although later this week another monthly fall in UK unemployment is expected, which if realised will continue to baffle economists, and may be enough to give sterling some brief respite from the rampant selling that it has faced in the past few weeks," said Lee McDarby of Investec Corporate Treasury.