The pair closed in NY Wednesday at $1.5438 after rate had pulled back from an extended recovery of $1.5480 (sterling boosted on the back of stronger than forecast UK jobs/earnings data and BOE Minutes seen hawkish) following the FOMC Minutes with traders focusing on the comment that ‘many Fed officials inclined to stay at zero longer’. The euro was main beneficiary from the dollar react weakness, the sharp move higher in euro-dollar taking euro-sterling from its extended lows of stg0.7348 to stg0.7387 which in turn weighed back on cable as rate eased to $1.5432. Despite the late pullback cable retained an underlying buoyant tone through Asia, marked lows at $1.5435 before it recovered to $1.5457, the rate holding firm into Europe. Euro-sterling consolidated between stg0.7383-0.73915, notable that rate closed back above its 200MMA at stg0.7370. A light data calendar in the UK Thursday with attention remaining on Greece headlines. Inaugural ECB Minutes to be released at 1230GMT ahead of US weekly jobless claims at 1330GMT. Cable resistance $1.5457/62 ahead of $1.5480. Support $1.5435/30 ahead of $1.5400.
