Cable is at the highs of the day, up 70 pips to 1.3069. The rally today has wiped out yesterday's decline but it's still in a large hole since mid February.


Cable has been tracking the 'war' trade and risk appetite for the past month. Ceasefire talks have just restarted today and there's some optimism.

More broadly, the market is sensing that the risks of Europe sanctioning Russian oil and gas or Putin turning off the taps has diminished. Crude prices are down another 6% today and US equity futures are 0.6% higher.

Notable is that US equity futures were also higher yesterday but that ended in a 2% Nasdaq rout. Keep a close eye on this pair and the overall mood as stocks reopen.

GBP/USD was last up 73 pips to 1.3072.