Closed in NY at $1.5503 after posting lows in NY post FOMC Minutes (less dovish than expected) of $1.5487. Rate nudged its way to an early high of $1.5515, tracking EUR/USD early recovery, before dropping back to mark overnight lows at $1.5497 as recovering risk was knocked back by S.Korea’s surprise 25bp rate cut along with confirmed weak Australian jobs data. Rate recovered to $1.5519 before drifting lower, the corrective pullback gaining pace into early Europe as it broke under the Asian base to $1.5485. Rate was last trading around $1.5490. Bids seen in place between $1.5480/70 with stronger interest remaining in place between $1.5460/50. A break here to open a deeper move toward $1.5410/00. Resistance noted at $1.5520 ahead of $1.5535 and $1.5550/55. Nothing on the UK calendar for today with moves to come from EUR/USD action, with headlines remaining the key driver. EUR/GBP trade in Asia was contained by stg0.78855-0.7897, the topside getting pressured at posting. Rate had seen lows of stg0.7871 Wednesday. Bids into stg0.7870, offers stg0.7900/05, stg0.7925/35.
EasyForexNews Research Team