BoE’s USD 40B overnight repo offer was covered 0.52 times, with the lowest acceptable bid at 0.5% and a weighted average of accepeted bids of 2.803%. USD 20.8B was hence allocated and the bid spread was very wide, with strategists speculating that many “cheeky bids” were placed. Today’s auction results compare to yesterday’s USD 40B auction, which saw a mere 0.35 time bid to cover ratio. Meanwhile, the pound-dollar (GBP/USD) continues to hold below 1.7975 after hitting an intraday high of 1.8099.