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Cable: Asia open $1.2918, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.2918, range $1.2908-29. Europe open
$1.2926, range $1.2879-1.2928. 
* Eur/Gbp: Asia open Gbp0.9204, range Gbp0.91865-0.9207. Europe open Gbp0.9190,
range Gbp0.91865-0.92335.
* Cable drifted off from $1.2928 in early Asia to $1.2908 as the Usd made
general gains on UST yields.
* Cable bounced back, posted a fresh intraday high of $1.2930 and held firm into
Europe.
* Recovery aided by Eur/Gbp as cross extended lows to Gbp0.91865 into Europe
open.
* End month Eur/Gbp emerged early Europe, took rate to an eventual high of
Gbp0.92335 in several waves of buying. 
* Cross move countered initial sterling positive BOE Saunders' react, with rate
slipping to $1.2879 late morning.
* Eur/Gbp retained an underlying buoyant tone late morning, which kept recovery
efforts in cable in check.  
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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