Commodity currencies now lead the way, as the GBP goes from hero to zero today

Just a short update. A total U-turn for all pairs when put up the board against yesterday's picture.

But, in terms of magnitude, yesterday's moves still hold a stronger footing. But it's a complete change in things if you look at it.

Despite the stronger PMI data out of Europe, the euro is struggling to catch a bid and instead has fallen off since the release of the data. EUR/USD is now down to 1.1899, while EUR/CHF has fallen off its year high to 1.1693 now.

Meanwhile, Cable continues to slip further after getting a brief reprieve following the PMI beat earlier. Now at 1.3486.