THE CATALYSTThis early morning, in an exclusive interview with The Guardian, BoE's Governor Bailey said that the central bank could become "a bit more aggressive" in cutting interest rates provided the news on inflation continued to be good.That was the catalyst for GBP weakness across the board. The market's pricing didn't change much though, in fact only 3 bps of extra easing were added by year-end. The reason for the big selloff has to do with positioning. POSITIONINGThe magnitude of the market reaction to a repricing in expectations is generally driven by positioning. Say we are in risk on, so risk assets generally rally together like equities, commodities, commodity currencies and so
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