Sterling falls against dollar for second straight session

Sterling tilted lower versus the dollar ahead of the weekend, after hitting its lowest since September, 2016 earlier, following inflation data from the U.S., while markets eye the G7 talks in Italy. 

As of 05:42 GMT, GBP/USD last traded at 1.2866, down from the opening of 1.2886, with a session-high at 1.2900, and a low at 1.2845. 

Earlier U.S. data showed inflation below expectations in April, while retail sales rose less than forecast as well. 

Chicago Fed President Charles Evans participated in a panel discussion about economic conditions and monetary policy at the ACI World Congress 2017, in Dublin, before we saw the University of Michigan's consumer sentiment indicator up in May. 

Now investors await Federal Reserve Bank of Philadelphia President Patrick Harker's speech about the economic outlook at Drexel University, in Philadelphia, as markets price in a probable Fed rate hike in the June meeting, while the Group of 7 summit starts in Italy.