GBP-
Somehow, the pound is managing to rally despite the real lack of serious conviction one way or the other. The French budget has acted to pull down French yields, wounding the Euro, whilst UK 10 year gilts yields stay elevated.
Naturally, this sets a very attractive GBP bullish play in the short run, although how long it takes for UK gilts to begin to stick out from the pack in a bad way is only a matter of when, not if.
With the Japanese election this Sunday and the partial US Gov shutdown having no end in sight, the market seems to be underestimating the level of true risk. This could set up a Dollar rally, depending especially on how things go with the Japanese election. Trump is under serious fire at home, which generally means he's going to lash out on the foreign stage to try and distract Americans.
With such little sentiment however, anything could shift quickly.
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