Opened early Europe at $1.5507, stg0.7925, GBP closed in NY at $1.5526, off late NY recovery highs of $1.5535 after rate had seen lows earlier in the day at $1.5470 ($1.5462 post NFP Friday). Rate edged back to retest NY highs in early Asia before turning lower, the rate taking direction from EUR/USD as the cross was restricted to a tight stg0.79245-0.7934 range. Cable traded to a low of $1.5500 before recovering, pushing back to $1.5520 into Europe before settling between $1.5500/10. Early demand into Europe saw rate edge to $1.5520 before turning lower again, the move down able to make a brief show under the figure to $1.5496 as traders probed for stops. Rate quickly recovered, the move up getting a boost from around the $1.5515 on release of stronger than forecast release of UK IP/Manufacturing data along with a sharp narrowing in the UK trade deficit. Rate pushed to an initial react high of $1.5547 before easing back to $1.5525, with late morning demand lifting it on to $1.5550. Stronger sell interest has been reported between $1.5550/60 but rate holding firm ahead of the NY open.
EasyForexNews Research Team