Sterling ekes out gains vs. dollar for first time in three days

Sterling edged up barely against the dollar in American trade, following earlier data from the US, and amid a lack thereof from Britain. 

As of 04:25 GMT, GBP/USD rose 0.02% to 1.3042 from the opening of 1.3040, with an intraday high at 1.3053, and a low at 1.3011. 

British treasury secretary Philip Hammond asserted in earlier remarks the necessity of maintaining the stability of the financial system, warning that high debt levels make the UK economy more exposed to shocks, and adding if markets lost confidence in the kingdom's financial policy, it will show on her borrowing rates.  

Hammond said if the government's decisions led to higher costs for serving debt, it would be a huge affront for British taxpayers, noting the side effects of sharp rises in inflation, while asserting the economy continues to improve as employment increases and exports and investments rebound, saying the economy will get used to the pound's lesser value as time passes. 

Otherwise, earlier US data showed building permits and building starts rose past expectations in June, sending the dollar higher on short-covering away from an eleven-month nadir, as chances of a third Federal Reserve rate hike this year wane considerably.