Closed in NY at $1.5760 after rate had been pulled up to $1.5774 by euro-dollar’s stronger rally, aided by euro-sterling’s recovery meeting a counter toward stg0.8570. Rate had drifted off to $1.5733 before recovering into the NY close. Early selling into Asia pressed rate down to $1.5744 before buyers emerged into the dip to take rate back to $1.5760, the move up aided by Goto-bi day demand for yen pairs into the Tokyo fix. Once demand interest faded rate slipped to $1.5742 ($1.5741 76.4% $1.5733-65), met demand interest placed into $1.5740 before edging back to $1.5750 into Europe. UK lending data due for release at 0930GMT to provide domestic interest, but moves still to be mainly dictated by euro cross moves, with traders still expecting to see some end month demand from a certain European sovereign (buying from this party was suggested as rate lifted off Tuesday lows of stg0.85285, the rate rising to stg0.8567 before meeting middle eastern supply above stg0.8565). The cross consolidated Tuesday’s recovery in Asia, the rate contained by stg0.8556/0.85675. Cable offers $1.5765/80, a break to open a move toward $1.5800 ahead of $1.5820. Support $1.5735/30 ahead of $1.5710/00.
EasyForexNews Research Team