Ian Stannard Renew Quotations

Expectations in the bond market have been high, thus any disappointment over the auction (particularly with the level of foreign participation) could put the dollar under renewed pressure.

Failure to meet market expectations here will reinforce the market perception that the peak in US rates is clear, putting the dollar under renewed pressure.

Ultimately we will see sterling coming under renewed pressure. There are few supportive factors which are just holding it in place at the moment, namely M&A activity.