Sterling falls broadly today after BoE hikes by 50bps but indicates that a prolonged recession will start in the UK in Q4. But the selloff in the Pound is not helping Euro and Swiss Franc much, as both are mixed. Dollar and Canadian are following Sterling as next weakest. Meanwhile, Yen is leading Aussie and Kiwi higher. Technically, EUR/GBP's break of 0.8414 minor resistance suggests short term bottoming at 0.8338 and stronger recovery could be seen. But to solidify Sterling's weakness, GBP/USD will need to break through 1.2062 minor support. GBP/CHF will also need to break through 1.1525 low. Otherwise, bearishness in not confirmed. In Europe, at the time of writing, FTSE is up 0.49%. DAX is up 1.08%. CAC is up 0.78%. Germany 10-year yield is down -0.075 at 0.803. Earlier in Asia, Nikkei rose 0.69%. Hong Kong HSI rose 2.06%. China Shanghai SSE rose 0.80%. Singapore Strait Times rose 0.55%. Japan 10-year JGB yield dropped -0.0143 to 0.175. | 