The Pound declined to a one-month low against the Dollar on Monday, during a week focused on UK growth statistics and Bank of England policymaker comments regarding rate hikes.

Sterling fell 0.2% to stand at $1.2031 at the time of writing, prolonging declines after a 2.8% drop against the Dollar last week – the worst in four months – as jobs data from the U.S. led to USD gains against the majority of currencies.

In contrast, the Pound rose against a weaker Euro, but remained close to its weakest against the single currency since the end of September.

“Growth data and BoE speakers will be the two domestic inputs for the Pound this week, although global risk sentiment, geopolitical developments and a supported Dollar may work against any positive domestic news,” stated Francesco Pesole, ING FX strategist.

“Cable (Sterling/Dollar) may heavily test 1.2000 soon,” he added.

UK economic growth statistics are set to be published on Friday and are forecast to show the economy likely avoided a second consecutive quarter of contraction, Reuters reports.

Bank of England rate-setter Catherine Mann showed her support for further rate increases on Monday, cautioning that a halt in the hiking cycle could run the risk of a “policy boogie.”

Last week, the Bank of England ditched its promise to “respond forcefully” to indications of additional inflationary pressure, going on to say that inflation had likely peaked, along with a 50-basis point rate rise.

“We have argued that this policy stance puts more pressure on the currency,” stated Goldman Sachs FX strategists.

The central bank’s chief economist, Huw Pill is due to speak this week, the Reuters report adds, and Governor Andrew Bailey is also set to testify before Parliament.