Closed in NY Friday at $1.5490, off session lows of $1.5462. Rate was pressed lower into early Asian trade, as rate tracked the early downside pressure on EUR/USD, though rate remained above its Friday lows, meeting demand around the $1.5470 level. Rate recovered to $1.5495, again in line with EUR/USD upside correction, with rate holding firm into early Europe. EUR/GBP was pressed to extended lows of stg0.7906 in early Asia, as cable lagged EUR/USD early slippage, recovering to stg0.79365 before settling around stg0.7930 into Europe. BOE Tucker to testify to the TSC on LIBOR rigging at 1530GMT the day’s domestic interest, with Tuesday’s industrial production seen as the last piece of major data ahead of Q2 GDP release on Jul25. Eurogroup meeting today with traders to take direction based off the euro react to headlines/comments. Cable support seen at $1.5470/50 ($1.5463 61.8% $1.5269-1.5778-$1.5462 Friday low), with stops placed on a break below. Next support seen into $1.5400, with more stops placed on a break of $1.5390 (76.4% $1.5269-1.5778). Offers into $1.5500 ahead of $1.5550.
EasyForexNews Research Team