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Cable: Asia open $1.3210, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3210, range $1.3192-1.3235. Europe open
$1.3219, range $1.3202-40
* Eur/Gbp: Asia open Gbp0.8961, range Gbp0.8945-62. Europe open Gbp0.8950, range
Gbp0.89245-0.8955.
* Early Asia pressed rate back to $1.3192 before fresh demand/general dollar
sales allowed rate to retest the NY high.
* Break above allowed rate to extend recovery rally to $1.3235, then held back
at $1.3220 into Europe.
* Eur/Gbp was pushed up to Gbp0.8973 Monday, as cable trailed Eur/Usd's fix
rally, then dropped to Gbp0.89585 into close.
* Cross touched an early high of Gbp0.8962 in Asia and was then pressed to
Gbp0.8945 ahead of Europe.
* Cable traded heavy in early Europe, touched $1.3202 before it bounced to a
10-mth high of $1.3240 on strong UK PMI data.
* Strong sales of Eur/Gbp saw this rate extend lows to Gbp0.89245. Sterling was
off best levels late morning. 
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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