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Cable: Asia open $1.3325, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3325, range $1.3315-37. Europe open
$1.3325, range $1.3285-1.3329.
* Eur/Gbp: Asia open Gbp0.8871, range Gbp0.8871-80. Europe open Gbp0.8878, range
Gbp0.8878-0.89125.
* Cable recovered off an early NY dip low of $1.3213 to an eventual high of
$1.3324 into Wednesday's close.
* Recovery more on Usd weakness as FOMC Minutes reiterated Fed Yellen comments
that Fed not sure soft inflation transitory.
* Eur/Usd recovery outpaced cable which kept Eur/Gbp buoyed.
* Eur/Jpy was main driver in a Tokyo holiday thinned session, initial dip to
Y131.23 reversed up to Y131.82.
* Cable tracked Eur/Jpy, marked lows of $1.3315 then edged to $1.3337, settled
above $1.3320 ahead of Europe.
* Sterling traded on the defencive in Europe. Eur/Gbp edged to Gbp0.89125 pre
GDP data, as cable eased to $1.3285. 
* As expected data allowed cable to nudge back above $1.3300.
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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