Closed in NY Friday at $1.6069, off post US jobs data recovery highs of $1.6081. Rate retained a firm tone into early Asia on Friday’s post jobs data risk on tone moving across to influence the early Asian market. Cable touched a high of $1.6082 before moving lower, the move down to $1.6043 tracked euro-dollar, which in turn was influenced by euro-yen. Rate recovered to $1.6062 before turning lower again, touching $1.6022 ahead of the European open with recovery efforts remaining laboured. Euro-sterling saw an early recovery high of stg0.8140 into Asia only to retrace this move through the session, retesting Friday’s pullback low (off stg0.8143 post US jobs) at stg0.8129. Continued weak data releases have acted to make sterling less attractive as a risk vehicle. Cable demand seen into $1.6020, more between $1.6010/00 with stops below. Resistance $1.6080/85, more into $1.6100. A light domestic data calendar today with attention on Thursday’s BOE rate decision (though no change in rates/QE expected).
EasyForexNews Research Team