Closed in NY at $1.4917 seen after rate had managed to extend its recovery off recent lows at $1.4832 (Tues Mar12) to $1.4982, the move seen mainly driven by a sharp corrective pullback in euro-sterling. Pressure on euro-dollar through the NY session, following release of strong US retail sales data, also weighed on cable, and with the cross meeting support at stg0.8665/60, allowed it to ease off to $1.4908 (50% $1.4832-1.4982) ahead of the close. Cable picked up fresh demand in Asia, the rate able to edge up to $1.4957, aided in part by the boost to risk appetite provided by the release of strong Australian jobs data, before it met sell interest placed between $1.4955/65. Rate drifted off in tandem with euro-dollar to $1.4928, edging back around $1.4940 into Europe. A light UK calendar today, influence to come from outside sources. Euro-sterling consolidated its break back under stg0.870 in Asia, trade contained within stg0.86685-0.8685, opening Europe at stg0.8670. Cable demand seen at $1.4925/20 ahead of $1.4910/00. A break of $1.4890 to open a deeper move toward $1.4867 (76.4% $1.4832-1.4982). Resistance remains into $1.4960/65 ahead
of $1.4980/85.
EasyForexNews Research Team