The pair closed in NY Thursday at $1.6335 after rate had been pressed off intraday highs of $1.6404 to $1.6301 on the back of a strong recovery in the euro following ECB Draghi’s less than dovish press conference, which saw euro-sterling push to a session high of stg0.8379, with the release of strong US data also weighing against the pound via cable. Chancellor Osborne’s Autumn Statement delivered the improved growth forecasts but was seem by some as not as strong as had been expected. Cable touched an early high of $1.6342 into early Asia before rate settled through the morning between $1.6330/40 before easing to $1.6319 ahead of the European open. Euro-sterling consolidated its Thursday rally between stg0.83635-0.83705 in Asia. Markets through Asia was seen in the usual subdued pre-NFP activity with the release of this data to provide the next directional impetus (traders basing outlook for US QE tapering on the released number). Offers remain in place between $1.6340/50, a break to open amove toward $1.6365 ahead of $1.6380 and stronger area between $1.6400/05. Support remains into $1.6300, more between $1.6280/70 with stops below. Euro-sterling offers stg0.8380, stg0.8400. Bids stg0.8330/20.
