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Cable: Asia open $1.2925, range....>

MNI (London)
STERLING SUMMARY: Cable: Asia open $1.2925, range $1.2919-36. Europe open
$1.2930, range $1.2897-1.2931.
* Eur/Gbp: Asia open Gbp0.9267, range Gbp0.9264-68. Europe open Gbp0.9264, range
* Cable touched a low of $1.2919 early Asia before rate edged to $1.2936, eased
to $1.2931 into Europe.
* Usd demand early Europe acted to press cable back to its NY low of $1.2915 as
rate tracked early pressure on Eur/Usd.
* Eur/Gbp diverted some of this pressure as cross extended lows to Gbp0.9250. 
* Eur/Usd partial recovery lifted Eur/Gbp back into its earlier Asian range
which pressed cable to $1.2897.
* Sharp cable recovery to $1.2931 as Eur/Gbp dropped to Gbp0.9243 but sterling
struggled to hold gains.
* Cable settled around $1.2910 late morning, the cross around Gbp0.9257.
* Little positive reaction to release of UK Lending and Mortgage data, though
both better than forecast.  
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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