Tough to say what the catalyst was for this kneejerk lower aside from severe weakness in Philly Fed (which is admittedly a 2nd tier economic data series at best), but the dollar is tumbling...

Obviously, early strength in cable from a hawkish BoE helped but that was a few hours ago...

However, while the move is notable, in the context of last week's squeeze by The ECB, it's not much yet...