Opened early Europe at $1.5587, stg0.8029, the rate closed Monday in NY at $1.5565, cable bounced to $1.5580, then settled between $1.5568/88 for the remainder of the session. EUR/GBP closed in NY at stg0.8027 and lifted to an early Asian high of stg0.8038, later paring gains throughout the session to stg0.8026. Cable continued into Europe on a quiet theme, before heading higher through $1.5600. Middle-eastern demand extended gains to $1.5625, later easing on profit take sales and consolidating early gains ahead of NY. Stops noted on a break of $1.5625/35, ahead of offers into $1.5640. Early Asian demand lifted EUR/GBP in thin trade, before stalling and tracking EUR/USD slippage to stg0.8015. Sharp US name supply pressed the rate through stg0.8000, flushing stops to lows of stg0.7993, retaining a heavy tone.
EasyForexNews Research Team