Opened early Europe at $1.5397, stg0.8135, GBP closed in NY at $1.5383, off best recovery levels of $1.5816. Rate initially dipped in early Asia to mark session lows at $1.5376
before tracking EUR/USD stronger recovery, pushing up to $1.5409. Rate eased off highs to $1.5385/90 before edging back round $1.5400 into early Europe. EUR/GBP extended its recovery to stg0.8128 in NY, with Asia taking it on to stg0.81405 as cable lagged the EUR/USD recovery. Egan Jones cut it’s UK rating to AA- from AA but move had little significant effect. UK continuing its Jubilee celebration holiday Tuesday, markets returning Wednesday. EUR/USD corrective pullback dragged cable lower through the european morning, but the cross moving back from overnight highs to stg0.8100 diverted some of the pressure. Cable traded to a low of $1.5322, recovering to $1.5340 ahead of the NY open. The cross was trading back around stg0.8105 ahead of NY. A light afternoon for US data with main attention focused on Thursday’s BOE rate decision and Bernanke testimony.
EasyForexNews Research Team