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Cable: Asia open $1.2803, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.2803, range $1.2778-1.2806. Europe open
$1.2787, range $1.2774-1.2817.
* Eur/Gbp: Asia open Gbp0.9230, range Gbp0.9230-0.92335. Europe open Gbp0.9231,
range Gbp0.91975-0.92335.
* Sterling remained under pressure through Wednesday trade, cable extended
recent losses to $1.2778 then closed around $1.2800.
* Eur/Gbp again the main driver as cross extended recent gains to Gbp0.92365.
* Eur/Gbp consolidated these gains in Asia within Gbp0.9230-0.92335.
* Cable therefore tracked Eur/Usd moves through Asia, touched an early high of
$1.2806 then eased to a fresh low of $1.2778.
* Cable recovered, opened Europe around $1.2787 but was pressed to $1.2774 as it
tracked Eur/Usd-UST yield move.
* Sharp recovery off lows as rate rallied to $1.2813, move above $1.2800
provided added boost as Eur/Gbp dipped to Gbp0.9205. 
* UK GDP came in as expected but disappointed some, dropped cable to $1.2785 but
buyers moved in to take it to $1.2822.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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