Closed in NY at $1.6193, off recovery highs at $1.6203, with rate recovering off a pullback low of $1.6180 into the close. Rate met resistance at $1.6196 in early Asian dealing before drifting off to $1.6184, before it settled between $1.6188/95 through an otherwise
subdued, pre-US employment Report, session. Euro-sterling was contained by stg0.8035/43, as rate consolidated another extension to its recovery that had seen rate post intraday highs Thursday of stg0.8052. Little on the domestic calendar with moves to come from headline comments out of the Eurozone ahead of the day’s key event, the US Employment Report. A strong number expected to provide an added boost to risk and should allow cable to edge higher, though again it would be seen driven by stronger euro-dollar demand, which in turn would continue to lift euro-sterling. A weak number expected to prompt knee jerk risk aversion but demand expected to quickly emerge into any resulting dip. Demand remains at $1.6180/70, more into $1.6150. Resistance $1.6200/10, a break to open a move toward $1.6250 ahead of $1.6270/80.
EasyForexNews Research Team