Closed in NY at $1.5484, after the rate failed to make any impression in attempts to push above $1.5500. Rate marked highs of $1.5490 into early Asian dealing before drifting lower, in line with EUR/USD slippage, before marking a low at $1.5447. Rate then settled between $1.5450/65 through the balance of the session and into Europe, currently trading around $1.5460. Offers remain in place from $1.5500, with offers seen up to $1.5525, main interest concentrated between $1.5520/25. Stops noted on a break of $1.5530. Support remains around $1.5447, the level corresponding to Tuesday’s European low, with stops seen placed below $1.5440. Below here and support seen at $1.5420 ahead of $1.5405/1.5395, stops below recent lows at $1.5389 but expect decent demand to emerge between $1.5380/70. EUR/GBP trade in Asia was contained by stg0.8240/51, leaving GBP to track EUR/USD moves. UK trade data at 0930GMT today with most expecting a widening in the deficit to around stg8.4bln in November. However, eurozone events into the end of the week overshadowing (Italy/Spain bond auctions and ECB).
EasyForexNews Research Team