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Cable: Asia open $1.3134, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3134, range $1.3122-37. Europe open
$1.3131, range $1.3110-86. 
* Eur/Gbp: Asia open Gbp0.8955, range Gbp0.89525-0.8961. Europe open Gbp0.8954,
range Gbp0.8922-0.89735.
* Sterling remained under pressure in early Europe, following Tuesday's second
rejection from $1.3227.
* Position adjustments ahead of today's UK Q3 GDP release saw cable pressed
through Tuesday's low of $1.3114 to $1.3110. 
* Eur/Gbp edged up to retest Tuesday's high of Gbp0.89735 before it eased off to
Gbp0.8950/60 ahead of data.
* UK GDP came in above forecast at 0.4%QQ(forecast 0.3%) and spiked cable up to
an eventual high of $1.3186.
* Eur/Gbp dropped back to Gbp0.8922 but sterling was just off best levels late
morning. 
* This last hard UK data ahead of next week's BOE MPC supports widely held view
for a 25bp hike.
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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