Closed in NY at $1.5786, after rate had been pressured to lows of $1.5772 following the earlier rejection from $1.5875 (76.4% $1.5912-1.5754) with reported reserve and corporate selling emerging. Slow start in Asia with rate seen settled between early session lows of $1.5782 and $1.5790 before it picked up some better demand through the Asian afternoon that took it on to $1.5798 but momentum noticeably faltered ahead of $1.5800. Offers seen in place between $1.5800/10, a break to open a move on toward $1.5820/25 and $1.5850/55. Support remains in place between $1.5775/65, more toward $1.5750. Euro-sterling, which had seen lows Thursday of stg0.79025 consolidated this move between stg0.7917/0.79285 through Asia, with rate favouring the bottom end of this range into Europe. UK Nationwide house price data due out at 0600GMT, though this afternoon’s Jackson Hole Symposium expected to overshadow as market awaits Fed Bernake’s comments. Market remains open to Eurozone headline reactions with ongoing thin conditions open to produce volatile reactions.
EasyForexNews Research Team