Cable drops back from 1.2425 to 1.2389 as higher UST yields lift the dollar

Five-year UST yield climbs to 11-month peak of 4.50% nL1N3AV15S

There is a decent size 1.2400 option expiry for the 10am ET NY cut

Larger 1.2400 option expiry on Wednesday, one billion pound strike

UK Aug inflation data due Wednesday at 0600 GMT; CPI f/c at 7% vs 6.8% prior

Yellen says US 'soft landing' can weather strike/shutdown/student loan risks