Closed in NY at $1.5723 after extending its recent pullback to $1.5698. Rate dipped to $1.5713 into early Asian dealing before recovering, in line with EUR/USD as markets generally moved into a recovery phase following Tuesday’s sharp sell off. Rate edged to a high of $1.5740, opening Europe just below $1.5730. Offers remain at $1.5740, a break to open a move toward $1.5760/70 ahead of stronger interest between $1.5790/1.5800. Support remains in place around $1.5700 (NY low $1.5698) with further interest seen at $1.5685/80 ahead of stronger demand noted between $1.5660/40 ($1.5664 55-dma). EUR/GBP was held within a range of stg0.8342/57, though seen favouring the higher end into early Europe. Traders have suggested that market still sees downside potential in the cross and would look to short in the area between stg0.8360/80. Light data calendar with moves to be dictated by general risk view. Thursday’s interest rate decisions and Greek PSI the focus ahead of Friday’s US jobs data.
EasyForexNews Research Team