The pair closed in Wednesday at $1.5111 after rate had extended 19-month lows to $1.5055, the recovery able to overcome an initial dollar bullish react to the release of FOMC Minutes, which saw rate dip from $1.5103 to $1.5079, before it hit a high of $1.5126 then eased into the close. This corrective pullback extended in early Asia to $1.5102 before recovering to session highs at $1.5118 then turned lower again. Rate eased to $1.5085, recovered to $1.5098 before marking fresh intraday lows at $1.5083 into Europe. Moves through Asia were seen euro driven, mainly via sales of EUR-AUD and EUR-NZD keeping euro-dollar under pressure. Euro-sterling consolidated between stg0.7830/0.78385 through Asia. BOE MPC announcement at 1200GMT, though no change in rate/QE expected. Halifax house data is due at 0800GMT with some mentioning the Johnson Review into UK consumer prices at 0700GMT. German factory orders at 0700GMT overshadow the latter. Cable retains an underlying bearish tone, reports this morning favour selling into rallies as see the $1.5050/1.5000 area as a near term low, especially ahead of Friday’s NFP. Bids $1.5055/50. Strong barrier noted at $1.5000. Resistance $1.5125/35.
