Sterling wallows below 1.3 vs. dollar

Sterling edged lower against the dollar for the second session in a row, following earlier data from the U.S. and lack thereof from Britain, as markets await the release of the Federal Reserve's minutes for the May 2-3 meeting.  

As of 04:32 GMT, GBP/USD fell to 1.2940 from the opening of 1.2961, with an intraday low at 1.2931, and a high at 1.2999.

Earlier U.S. data showed a steeper-than-expected drop in existing home sales last month, while markets await the Federal Reserve's minutes for the last meeting as investors look for confirm whether the Fed will tighten the policy in the June meeting, at which policymakers will unveil their three-year forecasts for inflation, unemployment, growth, and interest rates. 

Markets also await further details about the Federal Reserve's efforts to cut its $4.5 trillion balance sheet in the next few years, after president Donald Trump unveiled his first full budget plan, aiming to cut government spending by $3.6 trillion and balance the budget by the next decade.