Opened early Europe at $1.5425, stg0.8105, GBP closed in NY at $1.5385, just off late recovery highs of $1.5388 with move up aided by EUR/GBP extending its corrective pullback to stg0.8089, off earlier highs of stg0.81405. Cable initially dipped to $1.5375 before edging higher, the recovery led initially by EUR/USD before getting an added risk boost by the release of stronger than forecast Australian GDP data. Cable pushed to a high of $1.5433, though held off a retest of Friday’s post NFP highs of $1.5440. EUR/GBP was taken back above stg0.81 in Asia, the rate correcting from stg0.8091 to stg0.81095, but opened Europe sub stg0.8100. Middle eastern demand emerged into early Europe for sterling, taking GBP through $1.5440 and on to eventual highs of $1.5489, as the cross eased down to stg0.80805. Rate held off highs into construction PMI release, data was slightly better than expected but only produced a muted positive reaction. GBP corrected back to $1.5438 through the morning, while the cross recovered toward stg0.8100 ahead of NY.
EasyForexNews Research Team