Sterling rose on Monday, and was set for its biggest daily gain against the dollar in six weeks, after British Prime Minister Rishi Sunak announced a deal with the European Union to amend the original Northern Ireland Protocol.
"We are not seeing any dramatic market movements right now... But it does take away the prospect of a very nasty tail risk for UK assets. Bad news averted is good news, I’d say," Stefan Koopman, senior market economist at Rabobank, said.
Money markets are pricing in a 97% chance of a 25 basis point Bank of England hike in March, with rates seen peaking in August at 4.75%, from 4.00% now.
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