{"id":5508,"date":"2019-05-28T00:00:00","date_gmt":"2019-05-28T04:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100992-gbp-eur-eu-elections-reaction\/"},"modified":"2019-05-28T00:00:00","modified_gmt":"2019-05-28T04:00:00","slug":"100992-gbp-eur-eu-elections-reaction","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100992-gbp-eur-eu-elections-reaction\/","title":{"rendered":"GBP\/EUR: Traders React To European Parliamentary Elections"},"content":{"rendered":"<p>The increased threat of hard-line Brexiteer Boris Johnson succeeding Prime Minister Theresa May sent the pound skidding lower across the previous week. The pound tumbled 0.5%, its third straight losing week, hitting a four-month low of \u20ac1.1297. As the results of the European Parliamentary election came in at the start of the new week, the pound euro exchange rate remained under pressure.<\/p>\n<table class=\"table table-bordered\">\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: <strong>1 EUR = 0.87271 GBP<\/strong> <\/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>Nigel Farage\u2019s Brexit party stormed to victory in the European elections in the UK. Support for the Conservatives and Labour collapsed. However, the Liberal Democrats also performed well exposing the deep divide in public opinion over Brexit. Votes are sitting quite clearly between a party which favours Brexit and one that favours a second referendum. The results of the election suggest that with a country still so deeply divided, any compromise in Westminster is very unlikely.<\/p>\n<p>In the wake of Nigel Farage&#8217;s success, UK Conservative Eurosceptics will now clamour for a leader to take the UK out of the UK in October, with or without a deal. Meanwhile over in Europe, wins by pro-EU parties have dashed any hopes of any changes to the current negotiated Brexit deal.<\/p>\n<table class=\"table table-bordered\">\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>With the UK conservative leadership battle is set to run until late July. The prospects of any political clarity remain limited.<\/p>\n<h2><a href=\"#euro-supported-by-european-parliamentary-election-results\" id=\"euro-supported-by-european-parliamentary-election-results\"><\/a>Euro Supported By European Parliamentary Election Results<\/h2>\n<p>The euro was broadly in favour at the start of the new week as investors digested the results from the European Parliamentary elections. The failure of big populist parties to win big in the European elections is offered support to the euro on Monday. The elections over the weekend showed that the centrist bloc saw their share slump, their votes have largely transferred to other pro-EU groups. Right wing populists such as the UK\u2019s Brexit party and France\u2019s Le Pen\u2019s National Rally in France only make up around a quarter of the new European Parliament. This doesn\u2019t give them a loud enough voice to create problems in European Parliament and block legislation.<\/p>\n<p>Today European leaders will be meeting to discuss potential candidates for the European Central Bank. Investors will be watching closely. Depending on the ideological makeup of the most popular candidates, the most popular candidates could actually undermine confidence in the currency.<\/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 increased threat of hard-line Brexiteer Boris Johnson succeeding Prime Minister Theresa May sent the pound skidding lower across the previous week. The pound tumbled 0.5%, its third straight losing week, hitting a four-month low of \u20ac1.1297. As the results of the European Parliamentary election came in at the start of the new week, the [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5509,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1389,1395,1394],"class_list":["post-5508","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-elections","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: Traders React To European Parliamentary Elections - 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\/100992-gbp-eur-eu-elections-reaction\/\" \/>\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\\\/100992-gbp-eur-eu-elections-reaction\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100992-gbp-eur-eu-elections-reaction\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Traders React To European Parliamentary Elections\",\"datePublished\":\"2019-05-28T04:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100992-gbp-eur-eu-elections-reaction\\\/\"},\"wordCount\":775,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100992-gbp-eur-eu-elections-reaction\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100594-gbp-eur-eu-elections-reaction.jpg\",\"keywords\":[\"Elections\",\"eur\",\"gbp\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100992-gbp-eur-eu-elections-reaction\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100992-gbp-eur-eu-elections-reaction\\\/\",\"name\":\"GBP\\\/EUR: Traders React To European Parliamentary Elections - 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