Cable closed in NY at $1.5875, recovering off pullback lows of $1.5870 after rate had seen extended highs of $1.5900. The recovery extended into early Asian trade on cross yen demand, pushing to $1.5904. The reversal in yen pairs saw cable drift lower, marking session lows at $1.5857 in late Asia, extending to $1.5854 into Europe. Rate tracked early EUR/USD recovery into Europe, the rate trading back up to $1.5470, but as move faltered allowed the cross to break its Asian range of stg0.8470/81.5 and edge to stg0.84865. Reversal in EUR/USD then outpaced cable’s pullback, the latter meeting decent demand in the area between $1.5455/45 which kept it buoyed, taking the cross down to stg0.84525. Area between $1.5445/40 seen pivotal for cable and while holds above expected to allow for a recovery. Stops are noted below this area. Cross plays remain the key drivers with little data wise to trade off.
EasyForexNews Research Team