Bank of England Governor Andrew Bailey spurred some risk aversion in the American afternoon, referring to the latest monetary policy measures to stabilize the financial system.

Bailey noted unprecedented volatility in the long end of the gilt market. Early on Tuesday, the Bank of England (BOE) introduced additional measures to improve financial market conditions. The central bank will temporarily pause corporate bond sale operations this week, while it intends to purchase index-linked gilts up to GBP5 bln. 

Bailey added that they saw quite a serious crystallisation of risk, but also remarked that the will be out of the market by the end of the week.

GBP/USD plunged on the news, now trading at around 1.1045.