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Cable: Asia open $1.3237, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3237, range $1.3235-73. Europe open
$1.3262, range $1.3244-85.
* Eur/Gbp: Asia open Gbp0.8871, range Gbp0.88665-0.8878. Europe open Gbp0.8873,
range Gbp0.88525-77. 
* Early Asia consolidation saw cable trade a tight range around $1.3240 before
Usd came under general pressure in Tokyo.
* Cable rallied to a high of $1.3273 before it met reported supply from US funds
above $1.3270.
* Cable enjoyed an underlying buoyant tone, found support between $1.3260/55 in
the pullback.
* Cable rallied to $1.3283 in early Europe but again met decent resistance.
* Rate dropped back with Eur/Usd, though part of the pressure diverted to
Eur/Gbp as cross eased below Gbp0.8866.
* Cable touched a low of $1.3244then rallied back to $1.3285 on release of
stronger than forecast UK Services PMI data.
* Pullback found demand ahead of $1.3260 before rate settled above $1.3270.   
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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