May responds at 1245 GMT (or later)
If you've ever doubted the power of the UK press, today is should be a re-education.
Yesterday the market thought May did fine in Salzburg. The comments from both sides were the usual Brexit fodder. The top people on both sides said they were more confident in a deal.
Today the newspapers took a different approach.
Perception has become reality and now cable has completely give back yesterday's gain.
No reasonable people were expecting anything other than what we got yesterday in Salzburg. It wasn't like they were going to accept Chequers.
Ultimately, I think this will be an opportunity to buy the pound but you have to factor in how rocky the road is with everyone -- including the press -- trying to stick in knife in May's back.
