Opened early Europe at $1.5515, stg0.7847, GBP closed in NY at $1.5515 after rate had seen a spike high of $1.5680 into ECB Draghi’s press conference, only to drop back to $1.5490 as comments failed to live up to market expectations for euro support. Trade through Asia was confined to a tight $1.5505/24 range, following Thursday’s volatile price action and ahead of this afternoon’s NFP. GBP corrective pullback Thursday was cushioned by EUR/GBP drop back to stg0.7824, from earlier highs of stg0.79125, trade in Asia contained within stg0.7844/52. EUR recovery into early Europe took EUR/GBP up to stg0.78655, leaving cable languishing around $1.5510 before it began to get pulled higher by the EUR/USD move. Rate traded to an initial high of $1.5542 before getting slightly knocked back to $1.5532 on release of softer than forecast UK services PMI data. Buyers quickly emerged into the dip to take rate on to $1.5545, Talk of an ECB conference in the works provided a late morning boost to EUR/USD, taking cable on to an extended recovery high of $1.5573.
EasyForexNews Research Team