Closed in NY at $1.5328 after rate had managed to recover off lows of $1.5294 to an eventual high of $1.5334 ahead of the close. Yen crosses were sold back in early Asia, led by euro-yen, which in turn, via sterling-yen, pressed cable back to $1.5319. Buyer emerged into the dip, the demand allowing rate to climb back through the session to $1.5333 ahead of Europe. Euro-sterling extended its recovery (off recent lows of stg0.8507) to retest recent highs at stg0.8560 Wednesday, but again met decent supply at this level. The rate was pressed back to stg0.8519 in NY ahead of the close at stg0.8527, with euro crosses again under pressure in Asia which saw rate extend move to stg0.8513 before buyers emerged into the dip to correct rate back to the NY closing level. A very light UK calendar will leave sterling to take direction from yen flows, with US weekly jobless claims at 1230GMT the stand out data. Cable support seen at $1.5320 with stronger interest noted into $1.5290 with stops below. Resistance $1.5330/34, but stronger sell interest remains in place close behind at $1.5340/50.
EasyForexNews Research Team