Spain 5-y Bond Auction increase to 4.123%; 2-y: 2.823%

According to Research Analyst Gareth Berry at UBS, “We maintain a negative bias on sterling heading into Carney's Treasury Select Committee testimony and final appointment as BoE Governor. The rationale relating to more aggressive policy needs no repeating, and it is apt to draw comparisons with the Bank of Japan, where a change in government and central bank expectations have resulted in a significant decline in the currencies”