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Cable: Aug4 NY range...............>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Aug4 NY range $1.3024-1.3150. Aug7 Asia open $1.3041,
range $1.3040-59. Current $1.3058(0448GMT)
* Eur/Gbp: NY range Gbp0.8998-0.9055. Asia open Gbp0.9026, range
Gbp0.9026-0.90395. Current Gbp0.9033(0450GMT)
* Strong US NFP Friday provided the prompt for a dollar correction which saw
cable drop to $1.3024 from $1.3150. 
* Move further extended the corrective pullback from Thursday's $1.3267(BOE
react).
* Move lower trailed the stronger reaction in Eur/Usd, allowed Eur/Gbp to
reverse from Gbp0.9055 to Gbp0.8998. 
* Cable settled around $1.3040, Eur/Gbp around Gbp0.9030, into the close. 
* Slow cable recovery saw rate edge from an opening low of $1.3040 to $1.3059. 
* Move trailed Eur/Usd again, this time allowed Eur/Gbp to edge from Gbp0.9026
to Gbp0.90395. 
* Halifax House Price Index 0730GMT provides UK data interest.
* Focus on dollar action, Friday's NFP reaction showing Usd open to 2-way flows.
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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