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Cable: Asia open $1.3470, range....>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Asia open $1.3470, range $1.3470-1.3539. Europe open
$1.3542, range $1.3470-1.3570.
* Eur/Gbp: Asia open Gbp0.8830, range Gbp0.8815-35. Europe open Gbp0.8812, range
Gbp0.8787-0.8813.
* Volatile Asia open on mixed reaction to Fri UK downgrade vs disappointing
performance by Merkel in Sunday election.
* Eur/Gbp, which had seen a spike high of Gbp0.88845 on the downgrade, opened
Asia back at Gbp0.8830.
* Cable slow recovery through balance of Asia, edged to $1.3548 as Eur/Gbp eased
to Gbp0.8810 into Europe.
* Strong sterling demand into Europe saw Eur/Gbp drop to Gbp0.8787, cable spiked
to $1.3570. 
* Sharp reversal in order driven trade saw cable drop back to $1.3510 as Eur/Gbp
jumped to Gbp0.8813. 
* Cable was back at $1.3530 late morning, Eur/Gbp below Gbp0.8800. 
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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