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Cable: Asia open $1.3281, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3281, range $1.3275-1.3315. Europe open
$1.3308, range $1.3268-1.3329.
* Eur/Gbp: Asia open Gbp0.90055, range Gbp0.89995-0.9011. Europe open Gbp0.9005,
range Gbp0.8983-0.9029. 
* Cable extended recent recovery to $1.3300 in NY, overcoming a brief Mnuchin US
tax reform pullback to $1.3228.
* Eur/Gbp dropped below Gbp0.9000 on data react, touched Gbp0.8984 before
recovery to Gbp0.9031.
* Cable eased to $1.3280 ahead of close before Asia bounced it to an extended
high of $1.3315. Rate held firm into Europe.
* Sterling retained a firm tone early Europe, cable extended to $1.3329 as
Eur/Gbp pressed down to Gbp0.8983. 
* Release of disappointing wage data dropped cable to eventual low of $1.3267,
cross rallied but met resistance at Gbp0.9029.
* Strong employment, but with minimal wage growth, stronger inflation seen
putting BOE in a quandary. 
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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