Closed in NY at $1.5383, off best recovery levels of $1.5814. Rate initially dipped in early Asia to mark session lows at $1.5376 before tracking EUR/USD stronger recovery, pushing up to $1.5409. Rate eased off highs to $1.5385/90 before edging back round $1.5400 into early Europe. EUR/GBP extended its recovery to stg0.8128 in NY, with Asia taking it on to stg0.81405 as cable lagged the EUR/USD recovery. Rate currently trades around stg0.8134. Strong offers are reported between stg0.8140/45, a break to open a move toward stg0.8160/65. While the cross edges higher so it places a counter on cable’s recovery. Egan Jones cut it’s UK rating to AA- from AA but move had little significant effect. UK continues its Jubilee celebration holiday today, markets returning Wednesday. Cable offers seen placed at $1.5415/20, a break to open a move toward $1.5440/50 ahead of $1.5465. Bids $1.5375/65, more toward $1.5350.
EasyForexNews Research Team