Cable closed in NY Tuesday at $1.5643, off recovery highs of $1.5653 after the dollar had been pressed lower during the NY session on the back of a sharp, low liquidity, sell off in dollar-yen, suggested to have been prompted by a negative performance on Wall St. Like euro-dollar this rate consolidated the recovery, trade through the main part of the overnight session contained within $1.5639/53, getting squeezed down to $1.5634 ahead of the European open.
Euro-sterling was contained within stg0.85065/0.85105 as this rate also consolidated, after seeing highs Tuesday of stg0.8551 then lows of stg0.8501 in NY, before closing this session at stg0.8509. The cross came under early sell pressure, easing under that NY low with move prompting speculation sales linked to the UK corporate dividend.
This move drove cable higher, meeting initial resistance at $1.5674 before easing to $1.5648. Fresh demand emerged pre UK jobs data on speculation of a better then forecast fall in claimant count. This proved true and allowed rate to extend recovery to $1.5684, retesting the Jun6 high. Rate failed to move above and eased off to $1.5670 late morning. The cross eased to stg0.8464 before settling between stg0.8470/80.
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