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Cable: Asia open $1.3206, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3206, range $1.3200-16. Europe open
$1.3203, range $1.3193-1.3225.
* Eur/Gbp: Asia open Gbp0.9000, range Gbp0.8991-0.9002. Europe open Gbp0.8996,
range Gbp0.89895-0.9023.
* Miss in UK AHE and chatter US tax reforms 'getting closer' boosted USD Wed,
took cable from $1.3329 to a NY low of $1.3185.
* Cable settled above $1.3200 into the close before Asia extended the mild
recovery to $1.3216.
* Rate then drifted lower, found support above $1.3200 through to Europe.
* Sharper pullback in Eur/Usd Wed allowed Eur/Gbp to close back below Gbp0.9000.
* Asia continued to squeeze cross lower, marked low at Gbp0.8991 with recovery
efforts capped below Gbp0.9000.
* Position adjustments ahead of BOE MPC saw cable extend high to $1.3225 then
dropped to $1.3191 as Eur/Gbp bounced to Gbp0.9023. 
* UK BOE MPC. No change widely expected in rates/QE. Vote split expected to
remain 7-2(Haldane to move to hawkish for 6-3?)
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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