• Cable dips to 1.3418 intra-day low after disappointing UK data

• UK April retail sales down 1.3% MM vs minus 0.6% expected

• UK borrows bigger-than-expected £24.3 billion in April

• 1.3394 was Thursday low, as safe-haven USD rose on higher oil prices

• Ensuing rally from 1.3394 topped out just shy of 1.3450. Asia high was 1.3433

• US, Iran still at odds on key issues but both sides report signs of progress

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(Robert Howard is a Reuters market analyst. The views expressed are his own)