Opened early Europe at $1.5504, stg0.7895, GBP closed in NY at $1.5503, after posting lows in NY post FOMC Minutes (less dovish than expected), of $1.5487. Rate nudged its way to an early high of $1.5515, tracking EUR/USD early recovery, before dropping back to mark overnight lows at $1.5497 as recovering risk was knocked back by S.Korea’s surprise 25bp rate cut along with confirmed weak Australian jobs data. Rate recovered to $1.5519 before drifting lower, the corrective pullback gaining pace into early Europe as it broke under the Asian base to $1.5485/80. EUR/GBP, which had consolidated Wednesday’s dip to stg0.7871 between stg0.7885/97 in Asia, edged above stg0.7900 and pressed cable below recent lows at $1.5462, the rate making a brief probe to $1.5448 before bouncing back as the cross was rejected ahead of stg0.7910 (high stg0.7907). As the cross eased back below stg0.7900 it allowed cable to extend recovery above $1.5470. US jobless claims the next focus in an otherwise subdued session.
EasyForexNews Research Team