Pound drops for fourth successive day against dollar

The pound is weakening against the dollar.


Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst

The pound has fallen again today (May 14th) compared to the US dollar, marking a fourth successive day of weakening for sterling.

It has also dropped to a two-week low versus the euro as the pound continues its struggles against the world's other heavyweight currencies.

Speaking to Bloomberg, currency strategist at Commerzbank AG in London Peter Kinsella suggested tomorrow's inflation report could be set to have a further impact on the pound.

He said: "Going into the inflation report tomorrow, you've seen some people taking off some of the long cable positions."

Midway through the afternoon session, the pound was recorded 0.3 per cent down to $1.5257, which is the lowest sterling has dropped since April 24th. It also fell 0.3 per cent to 85.03 pence per euro, a low point since April 25th.

A report by think tank Civitas recently called for a devaluing of the pound, as this would result in a boost for the country's manufacturing sector.

Learn about the sterling and forex trading at City Index

Related tags:

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar