Opened early Europe at $1.5776 stg0.8295 GBP closed in NY at $1.5820, having recovered off post FOMC pullback lows of $1.5750 to $1.5830. Rate marked session highs at $1.5822 into early Asia before getting dragged lower by EUR/USD, the latter feeling the weight of disappointment that the Greek governing parties could not agree necessary austerity measures to get the planned bail out funds. GBP eased through Asia to an eventual low of $1.5765, the move for the most part lagged EUR/USD decline as EUR/GBP was capped by stg0.8310, the rate pressing to a low of stg0.8281. Fresh pressure on the cross into early Europe saw rate extend lows to stg0.82775, allowing GBP to edge to $1.5785. Real money cross buys off the lows took rate back toward stg0.8300 which saw cable track EUR/USD slippage, the rate eventually breaking Friday’s low at $1.5750, extending to $1.5730. The cross settled between stg0.8275/95 with cable settling between $1.5730/50. Markets await Greek debt talk progress with risk currently seen on hold.
EasyForexNews Research Team