No let up in sterling volatility though most of the moves have come in the cross this morning rather than against the dollar. EUR/GBP has retraced about 2/3rds of its recent rally to just above 0.86 from just below 0.8400. A break of the 0.8480 evel sees another test of those range-lows unfolding.
The pound is holding up well despite very stern talk from BOE Governor King on UK fiscal policy.
