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Cable: Asia open$1.3441, range.....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open$1.3441, range $1.3408-42. Europe open
$1.3415, range $1.3362-1.3426.
* Eur/Gbp: Asia open Gbp0.8771, range Gbp0.8769-83. Europe open Gbp0.8780, range
Gbp0.8775-0.8828.
* Cable drifted off through Asia to $1.3408 then lifted back to $1.3423 into
Europe.
* Asia-Europe transition saw sterling demand emerge pressed Eur/Gbp down to
Gbp0.8775 while cable edged to $1.3426.
* End month demand for Eur/Gbp emerged to weigh back on sterling, though cable
demand in initial wave managed to offset. 
* As Eur/Gbp gained pace it eased cable to $1.3382 as cross rose to Gbp0.8809.
* Hawkish BOE Carney comments (BBC R4 interview) countered and took cable to
$1.3420, as cross dipped below Gbp0.8800. 
* Miss in UK Q2 GDP y/y, soft mortgage data, dropped cable to an eventual low of
$1.3357 as cross drove up to Gbp0.8830.
* Sterling remained on the back foot ahead of NY.  
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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