Cable remains sub-1.22 following Tuesday's data-fuelled drop to 1.2154

UK services PMI under 50 again, whereas US services PMI 50.9 vs 49.8 f/c

US manufacturing PMI was also better than expected; 50.0 vs 49.5 forecast

1.2154 is 9.5 pips shy of Monday's low (1.2288 was Tuesday top, pre-UK PMIs)

Monday's low was plumbed as 10-year UST yield climbed to 5%nL1N3BU2D7

BoE rate announcement next week (Nov 2); second consecutive hold expected