Closed in NY $1.6034 after recovering off $1.6007 low to $1.6039. Rate initially eased to $1.6022 in early Asian trade before settling between $1.6025/40 for most of otherwise quiet session, markets wait developments on US weather. Rate squeezed back down to $1.6022 as yen pairs were driven lower on BOJ easing announcement. Currently trades around $1.6030. Euro-sterling opened Asia around stg0.8050 before getting shove up to stg0.8057 (Monday high stg0.8056, seen on suggested end month sovereign interest with decent buying noted at the London fix). Rate eased back to stg0.8041 as cable trailed euro-dollar’s reaction to BOJ, before settling back around stg0.8050 into Europe. US weather developments main focus, with effects on eastern seaboard and US GDP. NYSE closed again today with most of Wall Street reportedly under water. Resistance seen at $1.6045/50 ahead of $1.6060 with stops placed above. Break to open move toward $1.6090/1.6100. Support $1.6010/00 ahead of $1.5975/65.
EasyForexNews Research Team