Sterling falls off two-year high versus dollar

Sterling fell in American trade away from June 24, 2016 highs for the second session, following earlier data from Britain, and ahead of the Beige Book's release and speeches by several Fed governors. 

As of 02:48 GMT, GBP/USD fell 0.36% to 1.4236 from the opening of 1.4288, with an intraday low at 1.4175, and a high at 1.4315. 

Earlier UK data showed consumer prices slowed down to 0.1% m/m from 0.4% in February, missing forecasts of 0.3%, while slowing down to 2.5% y/y, missing forecasts of 2.7%.

Core consumer prices rose 2.3% y/y, down from 2.4% in February, and missing expectations of 2.5%, while producer input prices fell 0.1%, compared to a 0.4% drop in February, and missing expectations of a 0.3% rise. 

House Price Index accelerated to 2.2% in line with expectations in February, compared to a 2.5% rise in January. 

Now markets await the Beige Book, which derives its importance from being release two weeks before the Federal Open Market Committee's meeting, and upon which policymakers depend for their policies to support the economy. 

Federal Reserve Bank of New York President William Dudley is due to speak about the economic outlook and monetary policy at the City University of New York's Lehman College, while Federal Reserve Governor Randal Quarles will speak at the Bretton Woods Committee Annual Meeting, in Washington DC.