Sterling has been on the back foot recently amid renewed Brexit tensions following the Bank of England’s (BoE) dovish surprise, however it fought back yesterday with GBP-USD recovering from lows of 1.3423 to reach 1.3575. During Monday’s European session, the pound strengthened for the first time since the BoE meeting and rose across the board.
Yesterday, Democratic Unionist Party (DUP) leader Sir Jeffrey Donaldson reiterated his belief that “conditions have been met to trigger Article 16”. Article 16 is part of the Northern Ireland Protocol, the Brexit trade deal aimed at avoiding a hard Irish border. Donaldson called for “decisive action” by the UK ahead of a meeting with Brexit Minister Lord Frost. The DUP leader said Northern Ireland was being harmed “on a daily basis” because of the trading arrangements in the protocol, adding that triggering Article 16 was the “right thing to do”.
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Author: William Jones, Senior Relationship Manager.
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