{"id":6031,"date":"2019-09-16T01:43:54","date_gmt":"2019-09-16T05:43:54","guid":{"rendered":"https:\/\/currencylive.com\/?p=6031"},"modified":"2019-09-16T01:43:54","modified_gmt":"2019-09-16T05:43:54","slug":"101150-gbp-eur-pound-gives-back-some-gains-as-johnson-meets-juncker","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101150-gbp-eur-pound-gives-back-some-gains-as-johnson-meets-juncker\/","title":{"rendered":"GBP\/EUR: Pound Gives Back Some Gains As Johnson Meets Juncker"},"content":{"rendered":"

The pound soared 1.2% versus the euro on Friday to close at \u20ac1.288. This put gains across the previous week at 1.3%, as the pound continued its impressive March northwards. The pound has strengthened versus the euro for 5 straight weeks amid increased optimism that the UK will avoid a no deal Brexit. The pair is edging lower in early trade on Monday.<\/p>\n

 <\/p>\n\n\n\n\n
What do these figures mean?<\/strong><\/td>\n<\/tr>\n
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>\n

For example, it could be written:<\/p>\n

1 GBP = 1.13990 EUR<\/p>\n

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<\/p>\n

.<\/p>\n

Or, if you were looking at it the other way around:<\/p>\n

1 EUR = 0.87271 GBP<\/em><\/p>\n

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.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Sterling rallied on Friday following a report in the Times newspaper that the norther Irish DUP party could soften their red lines. Up to now the DUP, the government\u2019s ally, have refused to accept any deal that treats Northern Ireland differently politically or economically from the rest of the UK. Should the DUP be willing to accept abiding by some EU rules post Brexit then a new Brexit deal could be possible. Whilst the DUP then denied the reports, pound traders clung to the hope of a new deal.<\/p>\n

This week the focus will be on Brexit. There is a Bank of England monetary policy announcement on Thursday. However, the central banks hands are tied until there is more clarity over Brexit so moves may be limited.<\/p>\n

Brexit Minister Steve Barclay will be meeting the EU\u2019s chief negotiator Michel Barnier today. \u00a0Boris Johnson will be meeting with outgoing European Commission president Jean-Claude Juncker and will make it clear he wants a deal. However, he is not willing to extend the Brexit deadline. Pound investors will be watching the headlines closely for signs of progress between the two sides.<\/p>\n\n\n\n\n
Why is a \u201csoft\u201d Brexit better for sterling than a \u201chard\u201d Brexit?<\/strong><\/td>\n<\/tr>\n
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>\n

Euro Remains Strong Post ECB Loosening<\/strong><\/p>\n

The euro was broadly in favour across the previous week, although less so than the pound. The euro had a fairly muted reaction to the European Central Bank\u2019s (ECB\u2019s) decision to loosen monetary policy once again.<\/p>\n

There is no high impacting eurozone economic data today. However, the euro could come under pressure as investors turn their attention to Tuesday ZEW economic sentiment data. There was a sharp decline in sentiment in August and investors will be wary of another steep decline in economic confidence, particularly in Germany, this month as the US \u2014 Sino trade dispute drags on. On the other hand, an uptick in sentiment could help the euro advance.<\/p>\n\n\n\n\n
Why does strong economic data boost a country\u2019s currency?<\/strong><\/td>\n<\/tr>\n
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>\n

 <\/p>\n

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The content on our site is provided for general information only. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or retain from, any action on the basis of the content on our site.<\/em><\/h6>\n
Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views. <\/em><\/h6>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The pound soared 1.2% versus the euro on Friday to close at \u20ac1.288. This put gains across the previous week at 1.3%, as the pound continued its impressive March northwards. The pound has strengthened versus the euro for 5 straight weeks amid increased optimism that the UK will avoid a no deal Brexit. The pair […]<\/p>\n","protected":false},"author":163946597,"featured_media":4684,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1396,1386,1413,1517,1393,1394,1406,1391,1392,1516],"class_list":{"0":"post-6031","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-boris-johnson","10":"tag-brexit","11":"tag-ecb","12":"tag-economic-sentiment","13":"tag-euro","14":"tag-gbp","15":"tag-no-deal","16":"tag-pound","17":"tag-sterling","18":"tag-zew"},"acf":[],"yoast_head":"\nGBP\/EUR: Pound Gives Back Some Gains As Johnson Meets Juncker - 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\/101150-gbp-eur-pound-gives-back-some-gains-as-johnson-meets-juncker\/\" \/>\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\\\/101150-gbp-eur-pound-gives-back-some-gains-as-johnson-meets-juncker\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101150-gbp-eur-pound-gives-back-some-gains-as-johnson-meets-juncker\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Pound Gives Back Some Gains As Johnson Meets Juncker\",\"datePublished\":\"2019-09-16T05:43:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101150-gbp-eur-pound-gives-back-some-gains-as-johnson-meets-juncker\\\/\"},\"wordCount\":867,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101150-gbp-eur-pound-gives-back-some-gains-as-johnson-meets-juncker\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100537-gbp-eur-brexit-woes-uk-eu.jpg\",\"keywords\":[\"boris johnson\",\"Brexit\",\"ecb\",\"economic sentiment\",\"euro\",\"gbp\",\"no deal\",\"pound\",\"sterling\",\"zew\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101150-gbp-eur-pound-gives-back-some-gains-as-johnson-meets-juncker\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101150-gbp-eur-pound-gives-back-some-gains-as-johnson-meets-juncker\\\/\",\"name\":\"GBP\\\/EUR: Pound Gives Back Some Gains As Johnson Meets Juncker - 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