September 26, 2022 08:11 GMT
- 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.