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The EUR/GBP pair resumed a mild bullish tone ahead of the European session on Monday, tapping the 0.8630 top. However, this bullish traction is resisted by the risk-off sentiment emanating from Brexit and an attempted rebound by the US dollar.
On Monday, British policymakers in the House of Commons passed a vote in favor of the Northern Ireland Protocol (NIP) Bill. Although still a long from actually getting signed into law, the European Union (EU) has warned about the effect it could have on trade, spooking GBP/USD traders.
Commenting on the latest with the NIP Bill, Reuters noted:
“Despite some fierce criticism, lawmakers voted 295 to 221 in favor of the Northern Ireland Protocol Bill, which would unilaterally overturn part of Britain’s divorce deal from the EU agreed in 2020. The bill now proceeds to line-by-line scrutiny.”
Local reports claim the Brexit move is a ploy by the Conservative party to defend UK Prime Minister (PM) Boris Johnson’s seat following backlash from the “partygate” scandal and the party’s defeat in two recent parliamentary by-elections.
In other news, the US Dollar Index (DXY), which tracks the dollar’s performance against a basket of currencies, tapped the 104.00 mark this morning on stronger US Treasury yields after slumping to an eleven-day low. As of writing, the 10-year Treasury yields dropped 1.9 basis points (bps) to 3.17%. The benchmark US bond coupons also rallied consecutively over the last two sessions.
Factors Driving the EUR/GBP Trading Dynamics Today
Market participants will focus on comments from the Bank of England’s (BOE) Deputy Governor for Financial Stability, Sir Jon Cunliffe, and the European Central Bank (ECB) Governor Christine Lagarde over the coming hours. This and updates from the UK political space and Brexit should drive market dynamics for the EUR/GBP in the near term.
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