Closed in NY Friday at $1.4925 after rate had been shoved to fresh 2013 lows of $1.4885 on reaction to the releae of strong NFP data. Rate had managed to recover to $1.4959 before it drifted back into the close. Rate slowly squeezed lower in Asia, touching a low of $1.4901, but demand placed into $1.4900 managed to cushion and allow rate to lift back and settle between $1.4915/30 through the mid part of the Asian day. Late demand into Europe has extended this recovery to $1.4936 with rate holding firm at writing. Resistance seen toward $1.4950, more at $1.4960/65, a break here to open a move back toward $1.4980 ahead of $1.5000/10. Support remains at $1.4900 ahead of $1.4885/80 and $1.4855/50. Euro-sterling had been driven to extended highs of stg0.8743 post NFP release before dropping back to stg0.8676, closing Friday’s session at stg0.8710. Rate in Asia consolidated these volatile moves with trade contained within a range of stg0.8697-0.8718. The cross trades in early Europe around stg0.8713. A light data calendar for the UK Monday, interest this week seen Tuesday with release of UK IP and NIESR’s GDP forecast.
EasyForexNews Research Team