The pair closed in NY Tuesday at $1.5144 after rate had extended its recovery off earlier Asian lows of $1.5058 to $1.5200 in early NY, closing the day just off pullback lows of $1.5142. Euro-sterling was pressed to extended lows of stg0.76135, having seen highs earlier in the day of stg0.76925, closing the day at stg0.7629. Cable extended its corrective pullback in early Asia to $1.5136 before fresh demand emerged to nudge it back up to $1.5176(61.8% $1.5200-1.5136) before momentum faded and rate drifted off to $1.5150. Buyers again emerged into the dip, lifting the rate to $1.5168 into Europe. This Asian recovery in cable was seen led by euro-dollar, with euro-sterling tempering cable’s rally as it extended its recovery from Tuesday’s lows to stg0.7637 into Europe (Asia range stg0.76225-0.7634). UK jobs/wage data provides the morning’s focus at 0930GMT, along with BOE Minutes released at the same time. Unemployment is expected to have fallen below 6.0% for the first time since Sep 2008, with average earnings to have jumped to 1.7% 3m y/y (prev 1.4%). The Minutes will be watched for comment on oil price effect on inflation. Cable resistance seen at $1.5175/80 ahead of $1.5200/10. Support $1.5150 ahead of $1.5136.
