Closed in NY at $1.6164 after rate had been pulled up to $1.6168 by euro-dollar’s stronger recovery following Thursday’s ECB Draghi hawkish comments, from pre comment level of $1.6048. This lag in cable’s recovery allowed euro-sterling to extend recent recovery, off stg0.8105, to stg0.8212 in NY, closing the session at stg0.8202. Cable extended its recovery in early Europe, the move again influenced by euro-dollar’s early rise, the rate touching $1.6182 before momentum faded. Rate then drifted off to $1.6144, settling between $1.6145/50 ahead of the European open. Euro-sterling retain its buoyant tone, with trade overnight held within stg0.8205/15. UK IP/mfg data due for release at 0930GMT provides the domestic morning focus in an otherwise data light global calendar. Cable offers seen placed at $1.6182/87 (Asia high/50%$1.6381-1.5992), more toward $1.6200. A break here to open a move toward $1.6220 ahead of $1.6230/35. Support $1.6145/35, more $1.6110/00. Euro-sterling offers remain stg0.8215/25, stops above. Support stg0.8205/00, stg0.8180, stg0.8165/60.
EasyForexNews Research Team