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Cable: Asia open $1.2988, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.2988, range $1.2970-94. Europe open
$1.2985, range $1.2980-1.3030.
* Eur/Gbp: Asia open Gbp0.9048, range Gbp0.9029-55. Europe open Gbp0.9039, range
Gbp0.9012-415.
* Cable eased to $1.2970 early Asia before it recovered to $1.2990, remained
buoyed above $1.2980 into Europe.
* Eur/Gbp edged to Gbp0.9055, dropped to Gbp0.9029. Recovery capped at
Gbp0.9040.
* Strong sterling demand early Europe spiked cable to $1.3030(US-UK M&A cited),
dropped cross to Gbp0.9016. 
* Cross bounced to Gbp0.90415 but reversed sharply lower as risk aversion came
back with a vengeance. 
* Cross dropped to Gbp0.9012 as rate tracked Eur/Usd, move diverted downside
pressure off cable as it dipped to $1.2994.
* Euro pared losses late morning, allowed Eur/Gbp to edge back above Gbp0.9030,
while cale edged above $1.3010.  
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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