{"id":4737,"date":"2018-07-24T00:00:00","date_gmt":"2018-07-24T04:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100571-gbp-eur-accidental-brexit-deal\/"},"modified":"2018-07-24T00:00:00","modified_gmt":"2018-07-24T04:00:00","slug":"100571-gbp-eur-accidental-brexit-deal","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100571-gbp-eur-accidental-brexit-deal\/","title":{"rendered":"GBP\/EUR: Pound Flat vs Euro Amid Accidental No Deal Brexit Warning"},"content":{"rendered":"<p>The pound fell versus the euro for most of the session on Monday, before picking up late in the day to close almost flat at \u20ac1.1205.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>What do these figures mean?<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p> When measuring the value of a pair of currencies, one set equals 1 unit and the other shows the current equivalent. As the market moves, the amount will vary from minute to minute. <\/p>\n<p> For example, it could be written: <em>1 GBP = 1.13990 EUR<\/em> <\/p>\n<p> <em>Here, \u00a31 is equivalent to approximately \u20ac1.14. This specifically measures the pound\u2019s worth against the euro. If the euro amount increases in this pairing, it\u2019s positive for the pound.<\/em> <\/p>\n<p> Or, if you were looking at it the other way around: <em>1 EUR = 0.87271 GBP<\/em> <\/p>\n<p> <em>In this example, \u20ac1 is equivalent to approximately \u00a30.87. This measures the euro\u2019s worth versus the British pound. If the sterling number gets larger, it\u2019s good news for the euro.<\/em> <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The pound kicked off the new week on the back foot as a quiet economic calendar left investors dwelling on <a href=\"https:\/\/transferwise.com\/gb\/blog\/what-is-brexit-meaning-definition\">Brexit <\/a>headlines and questioning whether the Bank of England (BoE) will raise rates in August.<\/p>\n<p>New foreign minister Jeremy Hunt gave a stark warning to the EU that the UK is heading towards an accidental no deal Brexit. With the EU rejecting many off UK Prime Minister Theresa May\u2019s proposals a no deal Brexit is looking very likely. This would be the worst-case scenario for industry, the UK economy and therefore the pound.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>Why is a \u201csoft\u201d Brexit better for sterling than a \u201chard\u201d Brexit?<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>A soft Brexit implies anything less than UK\u2019s complete withdrawal from the EU. For example, it could mean the UK retains some form of membership to the European Union single market in exchange for some free movement of people, i.e. immigration. This is considered more positive than a \u201chard\u201d Brexit, which is a full severance from the EU. The reason \u201csoft\u201d is considered more pound-friendly is because the economic impact would be lower. If there is less negative impact on the economy, foreign investors will continue to invest in the UK. As investment requires local currency, this increased demand for the pound then boosts its value.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Monday afternoon saw BoE policy maker Ben Broadbent speak, the last BoE official to give a speech before the monetary policy meeting in two weeks\u2019 time. Ben Broadbent said he was still unsure whether he will vote for a rate rise or not, a comment which sent the pound to its low for the day. However, the market recovered quickly, and analysts are expecting the BoE to raise rates despite recent weaker data. With market participants optimistic of a rate rise, the pound could fall heavily if it the rate rise doesn\u2019t materialise.<\/p>\n<p>Today the UK economic calendar is quiet once again, so Brexit headlines will drive price movement.<\/p>\n<h2><a href=\"#eurozone-data-in-focus-ahead-of-ecb-rate-decision-on-thursday\" id=\"eurozone-data-in-focus-ahead-of-ecb-rate-decision-on-thursday\"><\/a>Eurozone Data In Focus Ahead Of ECB Rate Decision On Thursday<\/h2>\n<p>The euro traded higher versus the pound in early trade on Monday, after Eurozone consumer confidence marginally beat analysts\u2019 expectations. Consumer confidence in the region declined by 0.6, in July, the same as in June. This was above the 0.7 decrease that analysts had forecast. Confidence moving in the right direction ties in with analysts forecast that the eurozone economy could strengthen in the second half of this year. The stronger reading boosted the euro.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>Why does strong economic data boost a country\u2019s currency?<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Solid economic indicators point to a strong economy. Strong economies have strong currencies because institutions look to invest in countries where growth prospects are high. These institutions require local currency to invest in the country, thus increasing demand and pushing up the money\u2019s worth. So, when a country or region has good economic news, the value of the currency tends to rise.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Today euro investors will continue to focus on the economic calendar, with a barrage of purchasing managers index (pmi) data due for release. Stronger readings from the pmi data covering services, manufacturing and construction could help lift the euro ahead of the European Central Bank policy decision on Thursday.<\/p>\n<hr \/>\n<p><small><\/p>\n<p><small><em><br \/>\nThis publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Inc., Currency Live or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Consult our <a href=\"https:\/\/currencylive.com\/risk-warning\/\">risk warning<\/a> page for more details.<\/em><\/small><\/p>\n<p><small><em>This article was initially published on TransferWise.com from the same author. The content at Currency Live is the sole opinion of the authors and in no way reflects the views of TransferWise Inc.<\/em><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pound fell versus the euro for most of the session on Monday, before picking up late in the day to close almost flat at \u20ac1.1205. What do these figures mean? When measuring the value of a pair of currencies, one set equals 1 unit and the other shows the current equivalent. As the market [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":4738,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1386,1395,1394],"class_list":["post-4737","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-brexit","tag-eur","tag-gbp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: Pound Flat vs Euro Amid Accidental No Deal Brexit Warning - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/100571-gbp-eur-accidental-brexit-deal\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100571-gbp-eur-accidental-brexit-deal\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100571-gbp-eur-accidental-brexit-deal\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Pound Flat vs Euro Amid Accidental No Deal Brexit Warning\",\"datePublished\":\"2018-07-24T04:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100571-gbp-eur-accidental-brexit-deal\\\/\"},\"wordCount\":840,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100571-gbp-eur-accidental-brexit-deal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100571-gbp-eur-accidental-brexit-deal.jpg\",\"keywords\":[\"Brexit\",\"eur\",\"gbp\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100571-gbp-eur-accidental-brexit-deal\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100571-gbp-eur-accidental-brexit-deal\\\/\",\"name\":\"GBP\\\/EUR: Pound Flat vs Euro Amid Accidental No Deal Brexit Warning - 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