Closed in NY at $1.5953, just off NY recovery highs of $1.5956 after rate had corrected off earlier intraday lows at $1.5883. The early strong demand for euro-yen, with yen under general pressure into Asia, saw cable track euro-dollar’s move higher, the rate edging to an early high at $1.5970 before momentum faded. Rate drifted off to $1.5956 before meeting demand, with a late recovery to $1.5962 seen ahead of the European open. Sterling again struggled to keep pace with euro-dollar’s stronger recovery, thus allowed euro-sterling to rally from stg0.8038 to stg0.80585 before it settled back between stg0.8040/50. US Thanksgiving holiday expected to subdue markets through to the weekend with direction today to be dictated buy euro-dollar action. Eurozone flash PMI’s due for release from 0758GMT the early interest, with main domestic interest focusing on the appearance of BOE Gov King in front of the Parliament Bank Panel (0930GMT) ahead of CBI trends data at 1100GMT. Cable offers seen placed between $1.5970/80 ahead of $1.6000/10. Support $1.5955/50.
EasyForexNews Research Team