The US dollar continues to carve out new highs, catching a strong bid through the London fix and beyond.

Cable is down to 1.1904, more than 200 pips on the day. It's now nearly caught up to the 1.76% percentage decline in EUR/USD.

GBP/USD hasn't traded this low since the depths of the pandemic while the euro is at a 20-year low.

The Australian dollar is the next potential domino to fall as it flirts with the July 1 low of 0.6764. Earlier today the RBA boosted rates by 50 basis points in a move that was wholly expected. If that goes, it's a long ways down to the pandemic lows.

AUDUSD weekly