The pair closed in NY Thursday at $1.5245 after recovering off a low of $1.5215. Rate had been pulled lower by euro-dollar slippage, this rate reversing aggressively off a high of $1.1115 to $1.09875 through ECB Draghi’s press conference, but euro-sterling moving to fresh 7+ year lows of stg0.7220 diverted part of the pressure. Strange moves in the NY/Asia transition, one trader comments that rate was $1.5238 bid and someone pressed rate to a quick dip low of $1.5194, the move looks to have been engineered to clear barrier interest at $1.5200, as well as trip stops under $1.5195, before rate just as quickly bounced back. One UK bank was claiming $1.5194 as the low (Reuters data show this too), though some in Asia claim $1.5233 as the low. Cable touched a recovery high of $1.5237 before settling roughly between $1.5240/50 for the balance of the session, trading around $1.5245 into Europe. General trading through Asia was fairly subdued, a typical pre US NFP day. This consolidation expected to continue into Europe until data release at 1330GMT(median 235k). A light UK data calendar will have market looking for any further comment/fallout from Thursday’s ECB announcements for direction
