European rate cuts continue with the BOE slicing 100 bp. After Sweden earlier cut 175 bp, they look conservative. Next up for market, the ECB at 7:45 NY time. 50 bp is expected but the rapid fall in inflation gives them much more room, in my view. I still see a 100 bp cut.
Cable is edging back above 1.4600 after a slide below 1.4500 overnight. Some had feared an evn more aggressive cut from the Old Lady.
