Closed in NY at $1.6046 after recovering from a pullback low of $1.6026 off a session high at $1.6055. Rate dipped to $1.6042 in early Asia before edging up to retest the NY high, ,making a brief show at $1.6056 as the dollar came under general pressure following the move by MAS to keep rates on hold as well as producing a less dovish than expected accompanying comment. Sell interest placed between $1.6050/60 countered the early move with rate dropping back initially to $1.6030 before marking a base at that NY pullback low of $1.6026. Rate was trading back above $1.6030 into early Europe. Euro-sterling stg0.8056 to an overnight high of stg0.8069 before settling between stg0.8062/67. Nothing major on the UK data calendar for today, BOE Paul Tucker though is due to speak in Tokyo at 0545GMT. Influence to come from euro-dollar plays, with focus on any comment from the Greece/Troika discussions. US PPI and UofM confidence to provide interest through the afternoon. Cable resistance $1.6050/60, a break exposes $1.6070 ahead of $1.6095/1.6100. Support $1.6026 to $1.6015. More bids $1.6000, stronger at $1.5985/75.
EasyForexNews Research Team