Sterling rebounds from seven-month low versus dollar

Sterling tilted higher in American trade away from November 16 lows versus the dollar, following earlier data from the US, and amid a lack thereof from Britain. 

As of 04:47 GMT, GBP/USD rose 0.16% to 1.3195 from the opening of 1.3174, with a session-high at 1.3216, and a seven-month low at 1.3148. 

During an ECB panel discussion in Portugal, Federal Reserve Chair Jerome Powell said the reasons underlying gradual interest rate hikes are still strong and viable, while asserting the need to see sustainable inflation. 

Powell said the normal levels of unemployment have become blurrier as the link between inflation and unemployment disappears, while adding that US economy is performing very well with expected further improvements in the labor market. 

Mixed US Data 

Earlier US data showed US current account deficit widened to $129 billion in the first quarter from $128.2 billion in the fourth quarter of 2017. 

US existing home sales fell 0.4% in May to an annualized 5.43 million units, compared to a 2.7% drop in April to 5.45 million, revised from 5.46 million, while analysts expected a 1.1% rise to 5.52 million.