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Cable: Sep26 NY range..............>

STERLING SUMMARY
MNI (London)
STERLING SUMMARY: Cable: Sep26 NY range $1.3410-63. Sep27 Asia open $1.3458,
range $1.3427-61. Current $1.3425(0505GMT)
* Eur/Gbp: NY range Gbp0.87625-0.87845. Asia open Gbp0.87635, range
Gbp0.8760-0.87735. Gbp0.8772(0507GMT)
* Tuesday break below Gbp0.8775 provided an underlying buoyant tone for sterling
through yesterday's session.
* Cable did spike to $1.3514 but lost ground on a recovering Usd, aided in NY by
Fed officials' comments.
* Cable traded down to $1.3410 but recovered to settle around $1.3460 into the
close. 
* Despite the move lower in cable the pound held gains versus the Eur, broken
support at Gbp0.8775 provided a pivot.
* Cable drifted lower through Asia, posting a low of $1.3421 into early Europe.
* Move seen as Eur/Gbp edged off lows of Gbp0.8760 back toward the mentioned
pivot, while Eur/Usd also traded soft.
* UK CBI Dist.Trades 1000GMT. Focus on US Trump Tax Framework. 
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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