Closed in NY at $1.6222, off highs of $1.6233 seen after rate had recovered off session lows of $1.6181. Rate touched a low of $1.6220 in early Asian trade before picking up demand, with risk given an early boost as market took direction from positive S&P futures. Rate tracked euro-dollar higher, moving up to session highs of $1.6237 after tripping minor stops on the move above the NY high. Rate drifted off to $1.6225 ahead of the European open with rate picking up fresh demand into the new session, extending highs to $1.6240. Rate retains a firm tone at posting. Offers seen placed between $1.6240/50 ($1.6246 50% $1.6310-1.6181), a break here to open a move on toward $1.6280 (76.4%). A break of this latter level to expose recent highs at $1.6310, though expect offers to emerge ahead from around $1.6295. Support seen at $1.6220 ahead of $1.6200 and $1.6180. A light UK data calendar, BOE Fisher speaks at 0930GMT. Focus will be on Eurozone developments, with ECB Draghi speaking this morning, and effects on general risk. Euro-sterling was contained by stg0.7960-77.
EasyForexNews Research Team