Closed in NY around $1.5890, after rate had bounced back from traded lows at $1.5833 to a session recovery high of $1.5895. Rate resumed its recovery tone into Asian trading, the rate pushing to a high of $1.5909 (Europe high Weds) before settling between $1.5895/05 ahead of the European open. Rate currently trades around $1.5901. Moves through Asia were basically led by EUR/USD as EUR/GBP consolidated Wednesday’s losses, the cross extending recent lows to stg0.8262, with trade overnight contained within stg0.8265/73. Focus today turns initially on UK industrial/manufacturing output data at 0830GMT, analysts looking to see if official data reflects the recent positive showing in PMI’s and adjusting forecasts on UK Q1 GDP on the outcome. Following the data the Bank of England MPC rate/QE decision at 1100GMT takes centre stage, though no change in either widely expected. Position adjustments expected ahead of the long Easter weekend break, with Friday’s release of US employment report also to influence. Offers $1.5910/20, $1.5950, $1.5975/80. Bids $1.5880/70, $1.5850 and $1.5835/30.
EasyForexNews Research Team