Closed in NY $1.5685, off European recovery highs of $1.5708. Rate recovered in early Asia, the rate posting highs at $1.5690 before
turning lower and tracking EUR/USD slippage to $1.5667. Rate settled between $1.5667-80 through the balance of a generally subdued session, due to today’s NY holiday, with focus set on Thursday’s BOE and ECB rate decisions and Friday’s US pay rolls report. For today, UK services PMI data at 0828GMT provides the main interest. Offers seen in place from the overnight high, strengthening toward $1.5720 with stops above. Support noted back at $1.5650/40 with stops below, a break to open a deeper move toward $1.5620 ahead of $1.5600 with technical traders highlighting the $1.5575 level. EUR/GBP in Asia was confined to a relatively tight stg0.8028/38 range leaving cable to track EUR/USD moves. Rate currently trades around stg0.8036.
EasyForexNews Research Team