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Cable: Asia open $1.3116, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3116, range $1.3111-29. Europe open
$1.3119, range $1.3075-1.3121.
* Eur/Gbp: Asia open Gbp0.8895, range Gbp0.8891-0.8900. Europe open Gbp0.8898,
range Gbp0.8897-0.8953.
* Cable recovered off Monday low of $1.3063 to $1.3135 in NY. Corrective
pullbacks for most part held above $1.3100.
* Cable managed to hold recovery gains back above $1.3100 in Asia, trade
contained within $1.3111-29.
* Sterling came under pressure early Europe, cable pressed to $1.3091 as Eur/Gbp
jumped to Gbp0.8933. 
* Move seen as the Usd was given a general lift on a sharp move lower in gold.
However, Usd move quickly corrected.
* Cable managed to recover to $1.3120 ahead of UK CPI data. Slight miss dropped
rate to $1.3075, spiked cross to Gbp0.8953.
* Cable encountered dip buyers, allowed rate to edge back to $1.3100 while cross
continued to track Eur/Usd 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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