Pound drops for fourth successive day against dollar

<p>The pound is weakening against the dollar.</p>

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.

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