UK's Truss: Making significant progress on trade deal with US

"We need trade deals to protect us from others' protectionism," British Trade Minister Liz Truss said on Monday, as reported by Reuters.

Truss further noted that they are making significant progress on the trade deal with the US.

"Japan trade deal shows the UK is prepared to go beyond what the EU was in areas like financial services," Truss added. "Over time, our trade will shift away from the EU."

Market reaction

The GBP/USD pair extended its daily rally and was last seen gaining 1% at 1.2873.