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Cable: Asia open $1.3119, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3119, range $1.3073-1.3121. Europe open
$1.3088, range $1.3060-1.3093.
* Eur/Gbp: Asia open Gbp0.8927, range Gbp0.8928-43. Europe open Gbp0.8939, range
Gbp0.8935-54.
* Political uncertainty over PM May's tenure continued to weigh on sterling
through Thursday and into Friday.
* Cable extended recent corrective pullback, from Sep20 high of $1.3659, to
$1.3108 in NY, closed at $1.3119.
* Rate touched $1.3121 in opening Asia trade then rate turned lower again, break
of $1.3108 took rate to an initial low of $1.3088.
* Recovery to $1.3109 short lived before rate pressed to a session low of
$1.3073.
* Sterling remained under pressure into Europe, rate touched an eventual low of
$1.3060 as Eur/Gbp edged to Gbp0.8954. 
* Recovery efforts remained very shallow, sterling was holding toward lows in
late morning/pre NFP trade. 
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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