The risk backdrop has improved in the past 15 minutes (it's very fluid) but this time, the FX market isn't buying what equities are selling.
The US dollar is absolutely raging. Some of that might have been fixing demand into the London fix but we are also in the midst of some major technical breakdowns on the dollar charts. Most notably, the euro has fallen to the lowest since 2016 and cable continues to freefall after breaking 1.30 (1.2504 at the low today).