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Cable: Aug29 NY range..............>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Aug29 NY range $1.2915-72. Aug30 Asia open $1.2925,
range $1.2919-36. Current $1.2934(0442GMT)
* Eur/Gbp: NY range Gbp0.92535-0.9301. Asia open Gbp0.9267, range Gbp0.9264-68.
* Cable struggled to keep pace with Eur/Usd's stronger rally Tuesday, though did
manage to touch a high of $1.2978.
* This lag move allowed Eur/Gbp to spike to fresh 32-month highs of Gbp0.9307
before rate reversed.
* A sharper reversal in Eur-Usd acted to drag cable down to $1.2915 but Eur/Gbp
reversal to Gbp0.92535 provided some buoyancy. 
* Eur/Gbp was confined to a tight Gbp0.9264-68 in Asia.
* Cable touched a low of $1.2919 early Asia before rate edged to $1.2936, eased
to $1.2931 into Europe.  
* UK Lending and Money Supply data due at 0830GMT provides domestic interest.
* Spain, Germany flash CPI's, EZ Confidence Indicators then US ADP (ahead of
Friday NFP), US Q2 GDP in focus. 
* Cable support $1.2920/00, resistance $1.2980. 
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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