Brexit

Boris Johnson has resigned as Tory leader but will remain UK Prime Minister until a new leader is chosen. The pound did not react much to Mr Johnson’s resignation. Looking through headline noise and short-term volatility, economists at HSBC believe fiscal policy and Brexit matter more for the GBP. “UK political volatility appears to have overtaken GBP volatility in recent days".

EU Commissioner for Interinstitutional Relations and Foresight Maroš Šefčovič said on Wednesday that no alternative solution for the Northern Ireland Protocol is founded or needed, as reported by Reuters. "The UK bill on altering the Northern Ireland Protocol is unacceptable," Šefčovič reiterated.