Sterling dips against dollar in American trade

Sterling gave up ground against the dollar in American trade, following earlier data from Britain and the US, the world's largest economy.

As of 05:16 GMT, GBP/USD edged down to 1.2667 from the opening of 1.2671, with an intraday low at 1.2654. and a high at 1.2687.

Earlier British data showed the CBI Industrial Order Expectations survey up more than expected in June, while markets await External Bank of England MPC Member Kristin Forbes's speech at the London Business School later today to gather any clues about the future of monetary policy in the kingdom. 

Otherwise, earlier US data showed unemployment claims rising in line with expectations, while the housing price index rose 0.7%, or the same as before in April, as the CB leading index accelerated below forecasts in May. 

Similarly, Federal Open Market Committee member Jerome Powell has testified in front of the Senate Committee on Banking, Housing, and Urban Affairs, in Washington DC, regarding the economic growth rate for the world's biggest economy.