Sterling has dropped sharply on reports, initially by the FT, that the UK government is planning to unpick parts of the withdrawal agreement that was signed with the EU in January, including elements of the special arrangements for Northern Ireland that are legally binding. Cable dove by over 1% to 12-day lows under 1.3150, and EUR-GBP rallied by nearly 1% in printing a 12-day high at 0.8960. The pound saw a similar magnitude of declines against other currencies.

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