Closed in NY at $1.5573, after tracking EUR/USD NY afternoon rally, extending its recovery off session lows of $1.5414 (Europe), as well as lows seen Thursday of $1.5393. Early demand into a Tokyo holiday thinned market saw rate extend move to $1.5594 before upside momentum faltered and rate drifted lower in tandem with EUR/USD to a low of $1.5566, with recovery attempts capped at $1.5575. Offers seen at $1.5580, a break to expose the overnight high, with offers seen from here into $1.5600. Support remains at $1.5566, with interest extending into $1.5550. Below here and next support seen between $1.5525/15 ahead of $1.5505/495 with stops placed on a break of $1.5490. EUR/GBP was contained within a range of stg0.7858/74 through Asia as it consolidated Friday’s squeeze down to stg0.7857. Release overnight of weak Rightmove house price data, as well as the Ernst and Young ITEM club lowering growth forecasts for the UK this year did little to dent the recent underlying positive tone in sterling, with good demand for cable noted overnight.
EasyForexNews Research Team