Opened in Asia at $1.5456 after a rocky ride yesterday and a sharp fall in NY from $1.5675 to $1.5442. The move largely led by a crumbling EUR/USD on a number of EU and China concerns , which prompted a broad based USD rally. Asian markets this morning have seen a further fall to $1.5428 from early highs of $1.5463, before a recovery to $1.5461. EUR/GBP cushioned the fall this morning with a drop from stg0.8377 to stg0.8350, later settling around stg 0.8365. There is little in the way of orders in the market at the moment but key support for cable is now seen towards $1.5405/10 with a break there pointing to a sharper fall to $1.5270, the lows of 2011.
EasyForexNews Research Team