Euro down to $1.5460 area in the wake of the stronger than expected
housing starts data but dollar
gains here are muted and euro remains above the level seen an hour ago
before the surge in commodities undercut the greenback. Offers noted
earlier in the $1.5520/30 area after supply clustered ahead of $1.5500
was absorbed. Bids back at $1.5450 with traders reporting lackluster
flows in this pair.
GBP/USD dropped back afrom around $1.9488 to $1.9468 on release of
better than expected US housing starts, but rate quickly recovers,
moves back up in line with euro-dollar back toward pre release level.
Cable Offers remain in place to $1.9500, a break above to open a move
back toward resistance at $1.9520/25 (earlier high $1.9523). Traders
have suggested that sell interest extends toward $1.9540, with stops
mixed in above $1.9530. Bids remain in place between $1.9470/65, more
toward $1.9450.