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

STERLING SUMMARY
MNI (London)
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. 
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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