The pair closed in NY Wednesday at $1.7165 after rate saw extended highs of $1.7180 following release of stronger than forecast UK construction PMI data. Rate corrected to retest earlier Asian low of $1.7141 on strong US ADP data before it recovered to $1.7173 into the London fix, settling between $1.7150/70 through to the close. Euro-sterling, which had seen lows of stg0.7950 at the fix, settled between stg0.7955/60 into the close. Cable touched a high of $1.7166 in opening Asia before drifting off, the move lower given an added shove by the sell off in the Aud on reaction to RBA Gov Stevens comments concerning Aud strength, the rate dropping to $1.7150 before settling between $1.7155/65 through the Asian afternoon. Euro-sterling in Asia consolidatedWednesday’s easing between stg0.7955-0.79615. Services and composite PMI today completes this set (following release of mfg and construction numbers). Markets will be hoping for another strong show in UK numbers, medians 58.3/58.6. Cable offers $1.7166, a break to expose $1.7180. Above and barrier interest at $1.7200 moves into view. Support remains at $1.7150/40 ahead of $1.7125/15 and $1.7100. ECB rate decision and release of US NFP the main focus on the day
