Sterling on way for second weekly drop versus dollar

Sterling dipped against the dollar in American trade away from February 27 highs, following earlier data from the US and amid a lack thereof from Britain. 

As of 03:26 GMT, GBP/USD fell 0.27% to 1.3899 from the opening of 1.3937, with a session-low at 1.3890, and a high at 1.3980. 

Earlier US data showed housing starts fell 7% in February to 1.236 million units, compared to January's 9.7% rise to 1.329 million, while analysts expected a 2.7% drop to 1.290 million. 

Building permits fell 5.7% to 1.298 million, compared to a 7.4% rise to 1.396 million in January, missing expectations of a 3.8% drop to 1.325 million, while industrial production rose 1.1% in February, compared to a 0.3% dip in February, revised from a 0.1% fall, while analysts expected a 0.3% rise. 

The Capacity Utilization Rate rose to 78.1% in February from 77.4% in January, revised from 77.5%, beating forecasts of 77.7%. 

University of Michigan released its survey on consumer confidence, showing a rise to 102.0 in March from 99.7 in February, beating expectations of 99.2.