The BoE's will offer another USD 40B in overnight repo today. Yesterday's USD 40B auction was covered 0.65 times, with the lowest acceptable bid rate at 0.01% and a weighted average rate of accepted bids of 2.056%. Only USD 26.15B was hence allocated and the bid spread was very wide, with strategists speculating that many "cheeky bids" were placed. In the initial USD 40B auction last Thursday, a mere 0.35 times bid to cover ratio was reached. Meanwhile, after peaking to 1.8640 yesterday, the pound-dollar (GBPUSD) has gave back some of its gains, but continues to hold above 1.8500 for the time being.