Opened early Europe at $1.5661, stg0.7840, closed in NY at $1.5682 after rate had recovered off intraday lows at $1.5662 to $1.5702. Rate took direction from euro-dollar in Asia, initially easing to $1.5674 before recovering back to $1.5690 as early Tokyo demand for euro-yen demand influenced. As that demand faded so cable drifted lower, moving below its early lows and extending on to
$1.5665 before settling between $1.5665/70. Euro-sterling pivoted around stg0.7840 through the overnight session, consolidating Wednesday’s extended dip to stg0.7824. Swiss name supply pressed cable on the European open, flushing stops to $1.5636 as the pair opened heavy. Rate bounced and nudged higher to $1.5670 as traders positioned ahead of UK Retail Sales data. A stronger than expected release spiked through $1.5700 to print highs of $1.5712, later easing to $1.5695. Key focus seen on the topside at $1.5719 from the 200 dma, a break to strong offers at $1.5730. Euro-sterling triggered stops to stg0.7812 and sits heavy with recovery attempts seen shallow.
EasyForexNews Research Team