The pound has strengthened against the euro and the dollar this morning but is still struggling to gain significant ground.
Following disappointing GDP figures and surging US inflation, sterling briefly fell to a year-to-date low against the greenback yesterday.
Concerns around whether the UK will trigger Article 16 of the Northern Ireland protocol are also rising. Some reports suggest that the UK is considering triggering Article 16 by the end of this month. Sterling could suffer if the European Union retaliates with trade tariffs.
It is a relatively quiet day for UK data today, with the highlight being a speech from Jonathan Haskell of the Bank of England. Markets will be listening for any comments around when the Bank might raise interest rates, however, Haskell is known for being dovish and therefore is unlikely to offer the pound much support.
