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Cable: Asia open $1.2934, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.2934, range $1.2920-46. Europe open
$1.2944, range $1.2944, range $1.2941-78.
* Eur/Gbp: Asia open stg0.9265, range stg0.9248-69. Europe open Gbp0.9250, range
Gbp0.9248-0.9307.
* Cable recovered off its UK holiday thinned Monday low of $1.2874 to $1.2942 in
NY.
* Rate eased to $1.2926 before edging to $1.2934 into the close.
* Rate dipped to $1.2920 early Asia, as markets reacted to N.Korea missile
launch, rate pressed lower via Gbp/Jpy react sales.
* Rate recovered through the balance of the session to $1.2946, held firm into
Europe.
* Strong rally extension in Eur/Usd eventually took cable through resistance at
$1.2950 as Eur/Gbp held below Gbp0.9269.
* Eur/Gbp then latched on to Eur/Usd's rise through $1.2000 and then $1.2050,
pushed on to Gbp0.9307. 
* Cable managed to edge on to $1.2978 but cross rally countered gains. 
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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