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Cable: Asia open $1.3067, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3067, range $1.3065-89. Europe open
$1.3074, range $1.3070-1.3100.
* Eur/Gbp: Asia open Gbp0.8938, range Gbp0.89315-0.8941. Europe open Gbp0.8937,
range Gbp0.8935-53.
* Cable recovered off Thursday's pullback low of $1.3050 to $1.3082 in NY,
dipped to $1.3060 before it resumed recovery. 
* Early consolidation in Asia before rate posted a low of $1.3065 then climbed
to $1.3090.
* Rate dipped to $1.3073 into Europe, recovered to $1.3089 then dipped to
$1.3070 as Eur/Gbp edged to Gbp0.8953.
* Sterling demand late morning allowed cable to push up to $1.3100, as Eur/Gbp
eased to Gbp0.8942. 
* Germany CPI due at 1000GMT to provide early focus, German state CPI's release
have proved stronger than forecast. 
* Main focus on US Q2 GDP first read, market median 2.6%QQ. Core PCE 0.7%QQ.
* Cable support $1.3050. Resistance $1.3100, $1.3115/30. 
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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