Well, here we go. Sterling is now nudging higher as there is word on the street that the government may look to perform 'the mother of all U-turns on the mini-budget', despite having earlier brushed aside talk of that here.
There was already a hint to the move earlier from gilts, as was tipped by our friend PiQ in this earlier post. It looks like the government is the one causing the ripples. Here's the source tweet for this post:
That's going to be real interesting but keep in mind, for now this is all talk still. There's also added context here:
So far, gilts aren't responding too much with 30-year yields still holding down about 30 bps to 4.57% at the moment.
Update: GBP/USD now climbing above 1.1200, up 1% on the day.