Pound hits five-month low as dollar rallies on lower Fed bets 

Sterling fell to a five-month low on Friday even as data showed the British economy was on course to exit its shallow recession, with all major currencies coming under pressure from a dominant dollar. The pound was down 0.48% at $1.249, the lowest since mid-November. It was heading for a weekly loss of 1.1%, after hot U.S. inflation data this week slashed Federal Reserve easing expectations, boosting U.S. bond yields and the dollar.