Sterling slips vs dollar as market awaits election

Sterling slipped to the day's low against the dollar on Tuesday after weaker-than-expected UK lending data suggested that the British housing market remains weak.

The BoE said that net mortgage lending rose by 318 million pounds in March, well below economists' forecasts of a 1.6 billion pound rise and the lowest since July 2009, when the housing market was just coming out of a deep slump.

Sterling fell to the day's low of $1.5168 after the data, having traded around $1.5187 beforehand.

UK gilt futures were little changed, with the June contract holding steady at 116.34, up 40 ticks on the day.