Closed in NY on Friday at $1.5318, having seen lows in NY of $1.5234 as rate was pulled lower by EUR/USD, with triggered stops fired off on the break below $1.5270 adding further weight. Rate was marked lower alongside EUR/USD into early Asia, the rate opening trade at $1.5288 before getting pressed down to session lows of $1.5273. Strong demand set back in place ahead of $1.5270, sovereign interest reported, cushioned the move and allowed the rate to recover through the session to a high of $1.5330, closing any gap caused by the disparity in the NY close/Asia open. Rate currently trades around $1.5315. US holiday for Martin Luther King day, with the data calendar overall very light, which should make for subdued conditions normally, but market will be wary of comment on the eurozone, especially Greek debt. Offers in GBP/USD seen placed between $1.5340/50. Bids remain between $1.5280/70, though picking up talk that suggests stops mixed in below $1.5280. EUR/GBP was confined to stg0.82555/0.8273 through, trading into Europe around stg0.8260.
EasyForexNews Research Team