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Cable: Jul26 NY range..............>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Jul26 NY range $1.3033-1.3120. Jul27 Asia open $1.3119,
range $1.3108-57. Current $1.3144(0446GMT)
* Eur/Gbp: NY range Gbp0.8905-55. Asia open Gbp0.8945, range Gbp0.89315-0.8953.
Current Gbp0.8940(0450GMT)
* FOMC taken as dovish and applied further pressure on the dollar. 
* Dollar sales provided the fuel to take cable above $1.3100, traded up to
$1.3120 and held firm into the close. 
* Cable's react rally trailed Eur/Usd which allowed Eur/Gbp to extend recovery
off Gbp0.8905 to Gbp0.8955, closed at Gbp0.8943. 
* Cable extended gains early Asia to $1.3127 then slowly stepped back to
$1.3108. 
* Fresh pressure on the dollar emerged which took rate to an extended high of
$1.3157 then eased to $1.3140 ahead of Europe.
* Cable rally played catch up on Eur/Usd, Eur/Gbp eased to Gbp0.89315 then
rallied back with Eur/Usd to Gbp0.8950.
* UK CBI Retail Sales 1000GMT, market median 10. 
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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