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What Happened in GBP Markets Overnight?

GBP
  • GBP remains comfortably the poorest performer in G10, with GBP/USD spiralling lower to touch 1.0350 overnight, as markets continue the downdraft after last week’s BoE/Mini-budget. But what actually happened in currency markets?
  • At 0159BST, GBP futures saw a considerable spike in volumes. 5,175 contracts traded inside 60 seconds, amounting to a cash equivalent of ~$345mln – some serious volumes for a normally sleepy overnight market. Bloomberg’s quote recap shows relatively few single, large trades crossing at that time, suggesting instead a flurry of smaller orders, rather than one single order driving this particular market at that time.
  • As such, headed into the NY open, GBP futures volumes have traded over four times the average for this time of day, meaning today’s action already has topped a full day of average volumes.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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