GBP fluctuated in a tight range slipping towards the US session against  USD amid a lack of economic data by the RBA. Following the economic developments and data followed Tuesday by the US economy, the largest economy in the world, For the open market in Washington.

At 13:36 GMT, the GBP USD pair dropped 0.15% to 1.3113 compared to the opening levels at 1.3133 after the pair reached a low of 1.3090 and a high of 1.3173.

We have followed the US economy to reveal personal income and expenditure data, which showed a slowdown in personal spending growth to 0.4% in line with expectations versus 0.5% in May, while personal income reading showed growth stability at 0.4% in line with expectations, Personal consumption expenditure slowing down growth slowed to 0.1% in line with expectations, versus 0.2% in May.

We also showed that the annualized Personal Consumption Expenditures (PPI) indicator showed a growth rate of 2.2% below expectations of 2.3%, while the Core Personal Consumption Index showed growth slowing to 0.1% in line with expectations, compared with 0.2% in May. The same is true for the growth of 1.9%, in contrast to expectations of 2.0%. The labor cost index showed that growth slowed to 0.6% against 0.8% in the first quarter, above expectations of 0.7%.

This was before we saw the release of housing market data with the release of the S & P House Price Index which showed growth accelerated to 0.2% in line with expectations compared to 0.16% in April, while the same annual reading showed that growth slowed to 6.51% Compared to 6.69% in the previous year’s reading, in contrast to expectations of a slowdown of growth to 6.40%.

Leading to the release of the Chicago PMI for the month which showed a widening to 65.5 versus 64.1 last June, above expectations of 61.9, before we saw the consumer confidence reading, which expanded to 127.4 vs. 127.1. Last month, as opposed to expectations at 126.5, and the markets are currently looking at the modalities of the meeting of the Federal Committee today and tomorrow Wednesday in Washington.