GBP closed in NY at $1.5668, having been pressed to lows of $1.5648 during the session following dovish BOE Minutes. Rate was held between $1.5660/70 in early Asia before dipping to $1.5650 as rate tracked Aussie’s dip to take out barrier interest at $1.0600. Rate recovered through the balance of the session to $1.5678, getting a boost into early Europe to $1.5697 with moves generally driven by EUR/USD. EUR/GBP, which had provided a lot of the negative weight on sterling post BOE Minutes, had been driven to a high of stg0.8460 in NY, extending the rally to stg0.8463. Sterling remained bruised from Wednesday’s data, with cable struggling to keep pace with a strong recovery in EUR/USD, despite Asian sovereign buys. This lagging allowed the cross to break above its 100-dma at stg0.8476 to extend highs to stg0.8489. GBP eventually broke above $1.57, extending to $1.5725, with corrective pullbacks buoyed above $1.5700 as the cross eased to stg0.8460. CBI data had little effect.
EasyForexNews Research Team