Britain's pound inched down against the dollar and euro Monday, with traders cautious ahead of key wages data due later in the week that should give them clues to the pace of monetary tightening from the Bank of England.

Markets have moved to price in an interest rate hike in May, but economists say any such tightening is dependent on pay growth picking up, and on whether Prime Minister Theresa May can soon secure a transition deal for the two years after Brexit.

Sterling was down 0.2 percent Monday at $1.4007, just over 2 percent down from an 18-month high hit in late January.

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