{"id":5397,"date":"2019-04-03T00:00:00","date_gmt":"2019-04-03T04:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100923-gbp-usd-could-brexit-deadlock-break\/"},"modified":"2019-04-03T00:00:00","modified_gmt":"2019-04-03T04:00:00","slug":"100923-gbp-usd-could-brexit-deadlock-break","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100923-gbp-usd-could-brexit-deadlock-break\/","title":{"rendered":"GBP\/USD: Pound Goes Up As PM May Tries To Resolve Deadlock"},"content":{"rendered":"<p>The pound picked up from a low of US$1.3015 to peak at US$1.3150 after UK Prime Minister announced cross party talks to try to crack the Brexit deadlock.<\/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.For example, it could be written:<em>1 GBP = 1.28934 USD<\/em>Here, \u00a31 is equivalent to approximately $1.29. This specifically measures the pound\u2019s worth against the dollar. If the US dollar amount increases in this pairing, it\u2019s positive for the pound. Or, if you were looking at it the other way around:<em>1 USD = 0.77786 GBP<\/em>In this example, $1 is equivalent to approximately \u00a30.78. This measures the US dollar\u2019s worth versus the British pound. If the sterling number gets larger, it\u2019s good news for the dollar. <\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Theresa May asked the leader of the opposition party Jeremy Corbyn to join her for talks. The aim is to form a Brexit plan which could break the current impasse in Westminster. This should ensure that the UK leaves the EU with a deal in place.<\/p>\n<p>This is most likely to result in a softer version of Brexit. Possibly with the UK staying in the customs union. This would mean Theresa May crossing one of her red lines, that she has so far refused to breach. However, a softer version of Brexit would also be beneficial to businesses and therefore the pound. As a result, the pound rallied.<\/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<p>Theresa May will need to request an extension from Brussels to prevent the UK leaving the EU on April 12th without a deal. Theresa May is still hoping for a short extension. However, the EU are reportedly drawing up an offer for a long extension to Article 50, but with strict conditions attached to it. Theresa May will also need to watch for resignations from Brexiteers in her cabinet.<\/p>\n<p>Today, investors might glance briefly towards data from the UK service sector as well. Analysts are expecting the dominant service sector to have slowed in March under the continued strain of Brexit.<\/p>\n<h2><a href=\"#us-private-payroll-figures-under-the-spotlight\" id=\"us-private-payroll-figures-under-the-spotlight\"><\/a>US Private Payroll Figures Under The Spotlight<\/h2>\n<p>The dollar traded broadly flat in the previous session. Durable goods figures were in focus on Tuesday. Durable goods refer to items which consumers buy rarely because they are used over an extended period of time. Strong durable goods numbers point to a confident consumer. Weak durable goods numbers indicate a more nervous consumer.<\/p>\n<p>US durable goods declined -1.6% in February. This was less of a decline than what analysts were forecasting and as a result, the dollar was supported by the data.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th><small> Why does strong economic data boost a country\u2019s currency? <\/small><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><small> 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. <\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Today investors will be watching the private ADP jobs report for clues on the health of the US labour market, ahead of Friday\u2019s non-farm payroll release. Analysts are predicting that around 180,000 private sector jobs were created last month, roughly the same as in February.<\/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 picked up from a low of US$1.3015 to peak at US$1.3150 after UK Prime Minister announced cross party talks to try to crack the Brexit deadlock. 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 [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5398,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[1386,1394,1398],"class_list":["post-5397","post","type-post","status-publish","format-standard","has-post-thumbnail","category-gbp","category-usd","tag-brexit","tag-gbp","tag-usd"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/USD: Pound Goes Up As PM May Tries To Resolve Deadlock - 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\/100923-gbp-usd-could-brexit-deadlock-break\/\" \/>\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\\\/100923-gbp-usd-could-brexit-deadlock-break\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100923-gbp-usd-could-brexit-deadlock-break\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/USD: Pound Goes Up As PM May Tries To Resolve Deadlock\",\"datePublished\":\"2019-04-03T04:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100923-gbp-usd-could-brexit-deadlock-break\\\/\"},\"wordCount\":849,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100923-gbp-usd-could-brexit-deadlock-break\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100923-gbp-usd-could-brexit-deadlock-break.jpg\",\"keywords\":[\"Brexit\",\"gbp\",\"usd\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100923-gbp-usd-could-brexit-deadlock-break\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100923-gbp-usd-could-brexit-deadlock-break\\\/\",\"name\":\"GBP\\\/USD: Pound Goes Up As PM May Tries To Resolve Deadlock - 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