Cable closed in NY at $1.5923, the rate recovered off pullback lows of $1.5908 after earlier posting a high of $1.5936. Euro-sterling flow was muted and the cross recovered off post Bernanke speech lows of stg0.8038 to close at stg0.8050. Cable consolidated above $1.5900 in early Asia and lifted to highs of $1.5928 on initial reports that an agreement had been reached between eurozone Finance Ministers on Greek aid. The rate later slipped sharply to $1.5898 on headlines from Germany’s Schaeble that denied this and said meetings will continue on Monday. Cable bounced to $1.5905 but sits heavy ahead of the European open. Euro-sterling initially lifted to stg0.8051, but soon slid to stg0.8005 where the rate met support ahead of stg0.8000, late trade saw the cross recover to stg0.8025. Traders look ahead to release of BOE minutes from the latest MPC meeting at 0930GMT after comments from Weale suggested the minutes will highlight a divided opinion for more QE.
EasyForexNews Research Team