[POUND]

Volatile trade for the [POUND] too. This volatility has been inspired by the thoughts of Geithner too. Through all the noise, on balance, this week's Cable upmove still looks intact, but we do not expect a break above the week's best of 1.4780 any time soon. Gbp/Usd has been a better risk appetite winner, but domestic events do not support, i.e. Mar CBI retail sales balance fell to -44 vs a -35 forecast, and clearly a better gauge of current Gbp sentiment looks Eur/Gbp. The cross has gained over a cent in Europe. Also note the UK dominates the European slate until the week's close, with potential fresh Gbp weights still to come in the form of retail sales Thurs and final Q4 GDP Fri.