Closed in NY Friday at $1.6160, the rate having bounced off earlier lows of $1.6079 and extended recovery efforts despite continued worries over the Fiscal Cliff. Euro-sterling closed in NY at stg0.8173, the rate having eased off intraday highs of stg0.8200 after earlier posting a low of stg0.8167. Cable tracked euro-dollar to $1.6179 in early Asia, before profit take sales eased to $1.6160. The rate settled in a tight range with volumes seen light as traders remain on the sidelines for year-end flow watching developments from the US to see if they can avert going over the cliff. Bids reported on the downside at $1.6120, stronger behind at $1.6100. On the topside strong offers remain into $1.6180, with stops set on a break, through here opens a move towards $1.6200. Euro-sterling largely tracked euro-dollar moves and lifted to stg0.8185 on early cross demand, the rate pared gains and ground to stg0.8162 ahead of Europe. Strong demand reported into stg0.8150, ahead of stg0.8133 (21-day ma).
EasyForexNews Research Team