Closed in NY at $1.5673 after settling between $1.5665/85 through the NY afternoon, this after rate had recovered from earlier lows of $1.5625 to the NY high of $1.5698. Rate marked early highs into Asia at $1.5675 before tracking EUR/USD lower (while EUR/GBP was contained within stg0.78425-0.78515), touching a session low of $1.5656 ($1.5653 61.8% $1.5625-98) before recovering to retest the early highs before settling between $1.5660/70 into Europe. UK manufacturing PMI data due for release at 0828GMT (following Eurozone PMI releases). Into the afternoon and US PMI at 1258GMT and ISM at 1400GMT will be of interest but lurking in the background will be the US FOMC policy decision (low rate extension into mid 2015?). Thursday’s BOE policy announcement (no changes forecast) ahead of the key ECB meeting will be noted in the background. Cable support seen into $1.5650 ahead of stronger interest at $1.5625/20. Resistance $1.5700/10, a break to open a move on toward $1.5740/50.
EasyForexNews Research Team