The strong US dollar bid from earlier in New York trade has reversed.

The dollar managed to run some stops against the yen and pound but as yields cooled, so has the currency. At the same time, some dip buying in US equities helped to turn the mood. The S&P 500 fell to 4474 but is now up 11 points to 4511.

Cable has been particularly volatile after falling to the lowest since November 2020.