Thoughts of an emergency rate hike from the Bank of England were watered down during Monday's UK/US session time:
Bank of England says monitoring developments in financial markets very closely
The pound and UK bond market wanted a stronger hint on intervention, or was scared of the unknown.
Further info is incoming from the Bank later today. Coming up at 1100 GMT:
- Bank of England Chief Economist Huw Pill is a panellist at the CEPR Barclays Monetary Policy forum 2022 on 'Economic and Monetary Policy challenges ahead'
Traders will be listening very intently indeed to Pill's remarks given the tremors sent through UK financial markets by Friday's budget moves from new Chancellor Kwarteng (ICYMI 'fiscal profligacy' is the accepted TL;DR version).
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GBP chart posted a little earlier in the session, there hasn't been much change in its rate since:
