Heavy selling in cable
The pound continues to suffer after the Bank of England decision, now down 180 pips to 1.3504. Expect some bids at the figure but there is little technical support ahead of the September low of 1.3412.
This is one of the more-clumsy central bank decisions in awhile.
The cable selling is helping to create a dollar bid more broadly. There's also a repricing of all central bank hiking ongoing with US yields down 6 bps at the front end. In turn, that's lifting the yen as rate differentials narrow.