Sterling rises past 1.42 against dollar

Sterling rose against the dollar in American trade away from March 19 lows, following earlier data from Britain and the US, and ahead of the Federal Reserve's minutes for the March 20-21 meeting. 

As of 03:17 GMT, GBP/USD rose 0.22% to 1.4207 from the opening of 1.4176, with an intraday low at 1.4161, and the highest since March 27 at 1.4223. 

Earlier UK data showed manufacturing production fell 0.2% in February, compared to no change in January, and missing expectations of a 0.2% rise, while industrial output rose 0.1%, down sharply from 1.3% in January, and missing forecasts of 0.4%. 

The goods trade deficit shrank to 10.2 billion pounds from 12.2 billion in January, beating expectations of $12 billion, while UK GDP growth projections rose to 0.2% from 0.1% in February. 

Otherwise, earlier US data showed consumer prices fell 0.1% m/m in March, compared to a 0.2% rise in February while missing expectations of no-change, as core prices rose 0.2% in line with expectations in March. 

On a yearly basis, US consumer prices rose 2.4% as expected, up from 2.2% in February, while core prices rose 2.1% with no change, matching expectations.