Rishi Sunak’s Brexit deal with the EU on Northern Ireland has buoyed sterling and the currency is likely set for further gains once the agreement receives parliamentary backing, investors say.
Still, any rebound is likely to be limited by the UK’s gloomy economic outlook and resurgent inflation in Europe and the US, according to market participants.
The pound has risen by more than 1 per cent against the dollar to trade above $1.21 since the UK prime minister on Monday clinched a deal with European Commission president Ursula von der Leyen over Northern Ireland trading rules, potentially ending years of often bitter post-Brexit back and forth between the trading partners.
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