Cable is trading at the highest since early November as a broad US dollar rout extends.
The dollar is lower right across the board as risk appetite continues to improve, led by a 1.2% gain in the Nasdaq. Commodities are also benefiting from the mood, with dollar softness adding to the moves.
The trigger appeared to be Powell pushing back the timeline for discussing shrinking the Fed's balance sheet. Since then the dollar has been on the defensive. That's compounded by yields that are now solidly lower on the day. US 10s are down to 1.748% from a high of 1.808%.