The pound isn't the only thing that has soured in trading today
Risk is also on the back foot as we see European equities turn lower alongside US futures on the session. The DAX is down by 0.8% while S&P 500 futures are down by 0.6%, with the move reflecting a similar timing to the pound drop earlier.
Elsewhere, Treasury yields are also on the retreat as 10-year yields are down by nearly 3 bps to 0.937%. The low today touched 0.929% in the past hour.
This seems to be an extended pullback to the moves from Friday as there is starting to be some jitters creeping into the market. A possibility of a no-deal Brexit is one of those risks but also some signs of exhaustion after the risk rally since November.
