Opened early Europe at $1.5473, stg0.8120, GBP closed in NY at $1.5495, off a late recovery high of $1.5504 (NY high $1.5516). Rate continued its corrective pullback in early Asia, touching a session low of $1.5470 before picking up fresh demand. The recovery back to the opening highs around $1.5494 was seen on the release of strong Australian jobs data as it boosted the underlying risk-on tone. Cable drifted off highs, easing back to earlier lows at $1.5470 before settling between $1.5470/80 into Europe. EUR/GBP recovered off Wednesday’s pullback lows of stg0.8051 to stg0.8125 in NY, with rate consolidating this move in Asia between stg0.8115/25. Cable came under pressure in early Europe, squeezing to a low of $1.5430 before UK clearer short covering lifted rate back to $1.5450. Stronger than forecast services PMI was seen offsetting some of the QE expansion talk at today’s BOE decision, allowing cable to push up to $1.5511 ahead of the announcement/NY.
EasyForexNews Research Team