Cable dipped to 1.2550 as EUR/USD slid on ECB's 25 bps rate hike

Money markets saw 1-in-5 chance of 50 bps ECB hike. EUR/GBP also fell

1.2550 = intra-day low (1.2553 was Ldn am low). ECB's Lagarde in focus now

Offers pre-1.26 capped GBP/USD at 11-month high in early London trade

PacWest, Western Alliance stocks tumble as US banking concerns deepen

US jobless claims 242k vs 240k f/c. US Q1 labor costs up 6.3% vs 5.5% f/c