{"id":5307,"date":"2019-02-27T00:00:00","date_gmt":"2019-02-27T05:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100872-gbp-eur-pound-21-month-high\/"},"modified":"2019-02-27T00:00:00","modified_gmt":"2019-02-27T05:00:00","slug":"100872-gbp-eur-pound-21-month-high","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100872-gbp-eur-pound-21-month-high\/","title":{"rendered":"GBP\/EUR: Pound Eases Back From 21 Month High"},"content":{"rendered":"<p>Hopes that Brexit will be delayed lifted the pound to a 21 month higher versus the euro on Tuesday. The pound euro exchange rate rallied over 1% to a high of \u20ac1.1679, a level last seen in May 2017. The pound has eased back slightly from the high and is trading at \u20ac1.1635 heading towards the European open.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th><small> What do these figures mean? <\/small><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><small> 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. If the euro amount increases in this pairing, it\u2019s positive for the pound. Or, if you were looking at it the other way around:<em>1 EUR = 0.87271 GBP<\/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. <\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Demand for the pound soared in the previous session as UK Prime Minister Theresa May promised ministers not just a meaningful vote on her Brexit deal, but also the opportunity to vote on a no deal Brexit and the opportunity to vote to delay Brexit if necessary. This is the first time that Theresa May has openly accepted that Brexit could be delayed after insisting for months that the UK would leave the EU on 29th March this year without a deal if necessary.<\/p>\n<p>Theresa May was forced to offer the delay as a way of avoiding the resignation of 15 ministers who are determined to prevent the economic damage that a no deal Brexit would cause. So the sequence now will be a meaningful vote in Parliament on 12th March. If her Brexit deal is defeated, ministers will vote on taking no deal Brexit off the table. Should ministers agree to remove the no deal option then they will have the opportunity to vote to delay Brexit.<\/p>\n<p>Ultimately this is a step closer to a softer version of Brexit, which is more pound friendly than a disorderly, no deal Brexit<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th><small> Why is a \u201csoft\u201d Brexit better for sterling than a \u201chard\u201d Brexit? <\/small><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><small> 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. <\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><a href=\"#eurozone-consumer-confidence-in-focus\" id=\"eurozone-consumer-confidence-in-focus\"><\/a>Eurozone Consumer Confidence In Focus<\/h2>\n<p>Demand for the euro was broadly flat on Tuesday, although noticeably softer than demand for the pound. Euro investors barely flinched as German consumer confidence data showed that confidence remained steady at 10.8, for the second straight month in February.<\/p>\n<p>The main lift for the euro came thanks to the weaker dollar. The euro trades inversely to the dollar so when the dollar falls the euro rises and vice versa. The dollar was under pressure from a cautious sounding Fed Chair Jerome Powell as he appeared in a semi-annual testimony before the Senate. This knocked remaining optimism of a US rate hike this year \u2014 pulling the dollar lower and simultaneously lifting the euro.<\/p>\n<p>Today investors will look to eurozone consumer confidence figures. Given recent concerns over the health of the eurozone, economy data from the block is being scrutinised closely.<\/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>Hopes that Brexit will be delayed lifted the pound to a 21 month higher versus the euro on Tuesday. The pound euro exchange rate rallied over 1% to a high of \u20ac1.1679, a level last seen in May 2017. The pound has eased back slightly from the high and is trading at \u20ac1.1635 heading towards [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":5308,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1395,1394],"class_list":["post-5307","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","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 Eases Back From 21 Month High - 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\/100872-gbp-eur-pound-21-month-high\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\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\\\/100872-gbp-eur-pound-21-month-high\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100872-gbp-eur-pound-21-month-high\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/EUR: Pound Eases Back From 21 Month High\",\"datePublished\":\"2019-02-27T05:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100872-gbp-eur-pound-21-month-high\\\/\"},\"wordCount\":764,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100872-gbp-eur-pound-21-month-high\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100872-gbp-eur-pound-21-month-high.jpg\",\"keywords\":[\"eur\",\"gbp\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100872-gbp-eur-pound-21-month-high\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100872-gbp-eur-pound-21-month-high\\\/\",\"name\":\"GBP\\\/EUR: Pound Eases Back From 21 Month High - 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