Opened early Europe at $1.5621, stg0.7935, GBP closed in NY at $1.5640 after recovering from an initial post NFP react low of $1.5518 to a high of $1.5658 before settling between $1.5630/50 into the close. Rate pushed up to $1.5657 into early Asia before dropping back to $1.5601, the dip attracting strong demand that lifted rate to extended highs of $1.5666. Cable’s recovery was led by EUR/USD stronger move, with EUR/GBP extending its recent recovery to stg0.79475, after seeing a high in NY of stg0.7924. GBP eased off highs to $1.5614 before settling between $1.5615/30 into Europe. Initial selling into Europe met demand ahead of $1.5600 which kept it buoyed for a short while, allowing EUR/GBP to retest overnight lows at stg0.7920, with LHS fix interest at 0900BST providing the added weight to take rate down to $1.5592. Recovery attempt failed to get a toe hold back above the figure with rate slipping in line with EUR/USD to an eventual low of $1.5556. Recovery faltered, allowing EUR/GBP to edge back toward overnight highs ahead NY.
EasyForexNews Research Team