Sterling backs off 3-year peak

The British pound fell against the US dollar on Monday, after it hit nearly 3-year high earlier in the session.

The European Union backed down on its plans to amend a provision in the Brexit agreement to temporarily block vaccines from being exported to Northern Ireland, due to concerns that millions of vaccine doses would be transferred to Britain, and would disrupt supplies to the union's countries that London has officially left by the end of last year.

EU officials stressed that it was a mistake to resort to emergency protocols regarding Brexit issues in Northern Ireland.

The UK commented by saying that it does not expect its supplies of the Covid-19 vaccines to be disrupted.

As of 20:10 GMT, GBP/USD fell 0.3% to 1.3674, after hitting a high of 1.3759, and a low of 1.3656.