The British pound fell against the major currencies

The British pound fell against the major currencies following softer than expected UK monthly CPI figures.

March's CPI was down on expectations with the Office for National Statistics saying most of the downward momentum came from women's clothing which rose at a slower than expected pace.

However CBA analysts believe that this latest data set won't be enough to dissuade the Bank of England from raising rates at its May meeting.

UK average weekly earnings data over the coming months will also influence the Bank's decision to increase rates. 

The British pound has dropped 1.3 per cent from it's post-Brexit high earlier this week and is now just 4.6 per cent down from its pre-Brexit price.