Closed in NY at $1.5711, having recovered off NY lows of $1.5683 (saw $1.5678 earlier in Asia Monday). Rate initially dipped back to mark early Asia lows at $1.5705 before edging higher, the move up aided by a boosted risk appetite led by Aussie and following the release of RBA Minutes. Rate pushed up to $1.5720, tested the break of the 200-dma line at $1.5716 before extending move to $1.5730. Rate retains a firm tone into early Europe, a break here to open a move on toward stronger resistance between $1.5740/50. Above here and the Jul27 high at $1.5768 moves into view with noted stops residing above $1.5770. Support seen at $1.5705/695 a break to expose Monday’s low at $1.5684. Euro-sterling was contained by stg0.7857/64 in Asia, leaving cable to track euro-dollar moves. UK borrowing data due out at 0830GMT to provide domestic interest, with CBI trends data due at 1000GMT. A light data calendar apart from this leaving market open to headline driven react moves.
EasyForexNews Research Team