Closed in NY Friday at $1.5575, with rate getting marked down slightly into early Asian trade Monday as EUR/USD marked sharply lower following weekend disappointment for a conclusive agreement on the Greek debt deal. Rate opened Asia around $1.5570 and was squeezed to an early low of $1.5525. Rate settled back into a $1.5540/55 range through the main part of a Chinese new year holiday thinned overnight session, before coming under fresh sell pressure into Europe, the rate currently trading around $1.5535 (76.4% $1.5525/55). EUR/GBP, was marked down in line with other euro crosses, marking a low of stg0.82775 into early Asia, settling back between stg0.8285/0.8300 through the balance of the session. Rate was seen favouring the topend of the range into early Europe, 10 pips off closing the NY/Asia gap. GBP to continue taking direction from EUR/USD moves, which in turn will be influenced by developments to the Greek debt meetings. GBP offers $1.5570/80, more toward $1.5600. Support remains at $1.5525/20. In the cross, bids stg0.8285/75, offers stg0.8300, stg0.8320/25.
EasyForexNews Research Team