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Sterling gained some benefit from release.....>

MNI (London)
CABLE: Sterling gained some benefit from release Wednesday of stronger than
forecast Inflation data. Cable pushed up to a high of $1.2101 into NY before it
again met headwind resistance above this figure. Rate made a sharpish reversal
in the US session as markets reacted to the US2y10y inversion, seen as a
potential recessionary signal. Cable found support ahead of $1.2050(low $1.2051)
before it closed around $1.2060. Consolidation in Asia saw rate confined to a
relatively tight range of $1.2051-64 but early Europe demand takes it on to a
$1.2070 high. Move seen driven by general demand for JPY pairs. 
- UK Retail Sales at 0830GMT provides the main domestic data interest. Median
-0.2%mm inc auto and ex-auto.
- US Retail Sales, Weekly Jobless Claims, Phila Fed and Empire State at 1230GMT.
Cap.Ut. and IP at 1315GMT. 
- Support $1.2045/40, $1.2015/00. Resistance $1.2100/10.  
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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