Earlier we reported talk that Lloyds Bank debt had been downgraded to junk. Just crossing the wires is news that its insurance subsidiaries have been downgraded by S&P, but details are not out yet. Not clear whether this is the genesis of the earlier talk, but it it is, cable may get a short-covering lift as the news may not be as bad as first thought.
Cable is back above 1.41 from lows at 1.4078. It now trades at 1.4117.
Also of note, US equities are bouncing back, helping lift EUR/USD back to the 1.2675s from the 1.2630s. The S&P is down 0.25%.