The pair closed in NY Friday at $1.5125. The rate pressed to $1.5073 on release of strong US Durable Goods data, before dip demand recovered, extending to $1.5142 as traders sold the safe-haven dollar for profits and moved into equity markets ahead of the long US weekend. Euro-sterling closed at stg0.8554, the rate recovered off pullback lows of stg0.8535 after earlier printing a European high of stg0.8597. Asian markets were expected quiet with the US/UK holidays today and the pair jumped from an opening $1.5133 to $1.5148 in light Wellington trade, before immediately paring gains. Cable then tracked euro-dollar’s slow grind to $1.5118 as Asian equities opened lower and remained in negative territory, before settling into a tight $1.5118/30 range for the remainder of the session. Initial support seen at $1.5112 from the 5-day ma, ahead of light bids into $1.5100. Offers seen capping the topside at $1.5150/60 ($1.5158 – 22 May NY high) with stops on a break of $1.5180. Euro-sterling initially climbed to stg0.8553 but as momentum stalled rate tracked the general weaker tone across fx markets and eased to stg0.8535. Rate later bounced to settle at stg0.8540/50 ahead of Europe.
