Cable: Aug22 NY range..............>

STERLING SUMMARY: Cable: Aug22 NY range $1.2810-45. Aug23 Asia open $1.2822,

range $1.2805-27.

* Eur/Gbp: NY range Gbp0.9162-76. Asia open Gbp0.9173, range Gbp0.91725-0.9177.

* Dollar demand, prompted by whispers of US Tax Reform progress Tuesday saw

cable pressed to lows of $1.2810.

* However, rate struggled to hold below its Jul12 base of $1.2812, edged to

$1.2845, closed around $1.2820.

* Move lower in cable given added weight by Eur/Gbp extended rise to Gbp0.9176

into its close. 

* Cross consolidated its move between Gbp0.91725-0.9177 in Asia.

* Early Asia cable trade saw rate held around $1.2825, probed down to $1.2805

then corrected to $1.2827 on Trump comments.

* US Trump comments threatened to shut down Govt to get Wall funding weighed on

the dollar.

* Sterling remains on the defensive, a close now below $1.2812 to add to the

bearish outlook.