USD bid interest opened the order of play today in the London market as the EUR tracked Cable in giving back recently gained territory. Most notable for the European linchpin was a significant pull on Sterling pushing the boundaries just short of touching EUR/GBP O.6800.
With Industrial Production numbers dipping lower in Europe and despite U.K. employment numbers faring better than expected, EUR losses were much less in percentage terms than Sterling. Empire State numbers later this afternoon from the U.S. are not expected to bode particularly well for the Greenback, although any recovery for the pound is unlikely to be as strong as that of its European neighbour.
In the event that USD demand increases in afternoon trading further stops are likely to be tripped in EUR/USD at 1.2760 and 1.2740 with similar interest in Cable pushing through GBP/USD at 1.8830. Little evidence of a rally against the USD is seen thus far, with price gaps being reported by several traders.
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