Closed in NY at $1.5697 after recovering from a session low of $1.5674, the rate having seen highs earlier in the day of $1.5728. Cable recovered in early Asian trade, the rate edging to a high of $1.5714 before turning lower with euro-dollar. Cable touched a low of $1.5678 before it settled between $1.5690/95 ahead of the European open. Asian holidays, Singapore the major centre closed, made for subdued trading conditions through the overnight session, with a light global data calendar expected to extend this quiet tone. However, with the approach of Jackson Hole Aug 31 and the Sep ECB meeting (Sep 6) market is open to headline reactive moves. Cable offers seen in place at $1.5715 (76.4% $1.5728/1.5674), a break to open a move on toward $1.5730 ahead of stronger interest between $1.5745/50. Support $1.5675/60 with stops placed on a break of $1.5650.
EasyForexNews Research Team