Opened early Europe at $1.5612, stg0.8041, GBP closed in NY at $1.5597, off traded lows at $1.5578 as rate was pulled lower by deeper EUR/USD slippage, with a paring back in risk the main driver. Cable posted an early session low at $1.5594 into Asia before edging above $1.5600, the recovery continuing through the overnight session to $1.5617, with early Europe extending this move to $1.5621. Rate reversed as EUR/USD came under renewed downside pressure, though EUR/GBP was able to divert part of this pressure as it broke out of its Asian range of stg0.80395/0.80475 to extend lows to stg0.80235, cable pressed to a pullback low of $1.5585 before picking up fresh demand. Asian sovereign buys of EUR/USD and GBP drove the recovery with rate edging to a high session high of $1.5634. EUR/GBP edged back to settle above stg0.8030 while cable eased, settling around $1.5620 ahead of the NY open. Risk remains a key driver of trade, with positions pared back Thursday and market seen in a general consolidation ahead of weekend, though open to headline react.
EasyForexNews Research Team