Brexit Concerns Cause Pound to Slip But BoE Comments Help it to Rebound

At the beginning of the session on Monday, the Pound remained relatively subdued as Brexit hope faded.

There were more concerns around the Northern Ireland protocol and that it could result in a trade war. However, the Pound did make up for some losses as Royal Dutch Shell announced that it would move its tax home and headquarters to the UK while comments from the Bank of England also helped the situation. At the end of trading, the Pound finished the day at 1.1797 against the Euro and 1.3409 against the US Dollar according to the Foreign Exchange Market.

The Euro lost ground yesterday as trade surplus had dropped considerably when compared to the same time last year. Furthermore, comments from the European Central Bank also weighed heavily on the single currency as it was announced that tightening policy now would do more harm than good.

It was also a quiet day for the US Dollar as a lack of data meant that the Greenback was not given any direction. Investors also took on a risk-on mood and that meant that demand for the currency disappeared although comments from the Federal Reserve helped to cap losses.

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