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Cable: Asia open $1.2977, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.2977, range $1.2974-99. Europe open
$1.2990, range $1.2968-93.
* Eur/Gbp: Asia open Gbp0.9069, range Gbp0.9060-69. Europe open Gbp0.9064, range
Gbp0.9052-68.
* Cable consolidated between $1.2974-85 early Asia then edged to $1.2999 ahead
of Europe.
* Risk off plays continued from NY into Asia. Sales of Gbp/Jpy provided a
counter to sterling recovery efforts.
* Cable touched $1.2993 in opening Europe then began to drift lower, influenced
by Usd/Jpy recovery off lows. 
* Eur/Usd slippage outpaced cable which allowed Eur/Gbp to ease to Gbp0.9052. 
* Jpy demand emerged again, sales of Gbp/Jpy pressed cable down to $1.2968 while
Eur/Gbp edged back to Gbp0.9068.
* Sterling remained under pressure late morning. 
* Focus on US CPI. Yen to continue to provide main directional impetus via risk
and Fed outlook. 
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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