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Cable: Aug25 NY range..............>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Aug25 NY range $1.2814-89. Aug28 Asia open $1.2895,
range $1.2880-1.2946. Current $1.2880(0453GMT)
* Eur/Gbp: NY range Gbp0.9198-0.9266. Asia open Gbp0.9240, range Gbp0.9236-64.
Current Gbp0.9257(0456GMT)
* ECB Draghi comments on EZ growth and no mention of Eur strength saw Eur/Gbp
propelled to Gbp0.9266 into Friday's close. 
* Move placed a counter on cable as it tried to keep pace with Eur/Usd's strong
react rally, the rate capped at $1.2889. 
* Opening Asia allowed cable to play catch up, rate spiked to $1.2946 as the
cross sank back to Gbp0.9236.
* Cable pared those early gains through the balance of the session, rate drifted
off to $1.2880 into Europe. 
* Correction seen on Eur/Gbp recovery to Gbp0.9264, but as cross settled back
around Gbp0.9255 cable tracked Eur/Usd slippage. 
* UK bank holiday Monday expected to provide for thin trading conditions in
sterling.
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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