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

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3210, range $1.3190-1.3216. Europe open
$1.3206, range $1.3205-45.
* Eur/Gbp: Asia open Gbp0.89385, range Gbp0.89385-0.89575. Europe open
Gbp0.8954, range Gbp0.8939-68.
* Early demand in Asia took rate to $1.3216 before momentum faded and rate
dropped down to $1.3190.
* Move lower influenced by an edge higher in UST yields.
* Rate stepped its way back to $1.3206 into Europe. Rate marked an early session
low of $1.3205 then began to recover.
* Eur/Gbp rejection from Gbp0.8960 saw rate drop to Gbpp.Gbp0.8939, took cable
up to test Aug1 high of Gbp0.8945 pre data.
* Disappointing UK Construction PMI eased cable to $1.3231, as Eur/Gbp spiked up
to Gbp0.8968.
* However, underlying sterling demand allowed cable to above $1.3240, the cross
to ease back below Gbp0.8950.    
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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