• Sterling made new a 10-mo high of 1.2537 after US PPI & claims data

• Treasury yields initial slid on the slightly disinflationary data

• Sterling came off its peak as Tsy ylds bounced & BoE's Pill frowned

• BoE Chief Economist Huw Pill a bit disappointed by Thur's UK GDP

• Output seen restrained by worker strikes, but better than BoE's Q4 f/c

• Sterling pullback was also a pre-London close position squaring

• Market is pricing in Fed funds rate falling below BoE bank rate by Nov

• Long-term charts suggest scope up the 1.2900 vicinity

• Particularly on a weekly close above 61.8% of 2022's dive at 1.2442

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