Sterling heads for first weekly loss in three against dollar

Sterling fell for the fourth straight session against the dollar amid a lack of data from Britain and the US, the world's largest economy. 

As of 04:16 GMT, GBP/USD fell 0.37% to 1.4035 from the opening of 1.4088, with an intraday high at 1.4091, and the lowest since April 6 at 1.4007. 

External Bank of England MPC Member Michael Saunders spoke earlier at the University of Strathclyde's Fraser of Allander Institute, in Glasgow, where he noted the British economy doesn't need monetary stimulus as it used to, with the economy continuing to shake off weakness as inflation rises. 

Saunders said interest rate hikes will be gradual rather than slow, noting that UK rates should get back to normal in an appropriate time. 

From the US, Federal Reserve Bank of San Francisco President John Williams spoke earlier today as well at a fireside chat hosted by the Fisher Center for Real Estate and Urban Economics, in California.