{"id":6040,"date":"2019-09-17T01:56:48","date_gmt":"2019-09-17T05:56:48","guid":{"rendered":"https:\/\/currencylive.com\/?p=6040"},"modified":"2019-09-17T03:12:12","modified_gmt":"2019-09-17T07:12:12","slug":"gbp-eur-pound-edges-lower-ahead-of-uk-supreme-court-hearing","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/gbp-eur-pound-edges-lower-ahead-of-uk-supreme-court-hearing\/","title":{"rendered":"GBP\/EUR: Pound Edges Lower Ahead Of UK Supreme Court Hearing"},"content":{"rendered":"

The pound advanced versus the euro on Monday. The pair hit a peak of \u20ac1.1306 before closing the session at \u20ac1.1293. However, currencies were broadly out of favour as investors moved out of \u201criskier\u201d currencies. The pound is edging lower versus the euro in early trade on Tuesday.<\/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

UK Prime Minister Boris Johnson met with President of the European Commission Jean-Claude Juncker. Headlines indicated that not much progress was made in UK \u2014 EU negotiations.<\/p>\n

The EU are still insistent that they haven\u2019t received a detailed proposal to avoid a hard border in Ireland from the UK government. The EU criticised the UK\u2019s level of dept and detail. Dominic Raab, UK Foreign Secretary sent plenty of criticism back to the EU. He also reiterated that the UK will leave the EU on 31st<\/sup> August. The lack of progress unnerved pound investors, raising the prospect of a no deal Brexit.<\/p>\n

 <\/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

Today there is no economic data due to be released from the UK. Instead investors will remain fixed on Brexit developments as Prime Minister Boris Johnson\u2019s decision to suspend Parliament will enter the Supreme Court for a three-day hearing.<\/p>\n

Will German ZEW Sentiment Data Drag On Euro?<\/strong><\/h3>\n

The euro was out of demand in the previous session as investors digested new information on the attacks on Saudi Arabia\u2019s oil infrastructure. President Trump said that the US are \u201clocked and loaded\u201d and with emerging information pointing to Iran being responsible, geopolitical risk has picked up substantially over the past few days. As geopolitical risk increases, investors often look to buy into the US dollar, for its safe haven properties. The euro trades inversely to the dollar. Therefore, as the dollar increased in value the euro declines.<\/p>\n

The euro could remain under pressure today as investors continuing digesting developments surrounding the Saudi attacks and as investors look towards the ZEW economic sentiment figures. Economic sentiment within the eurozone, and particularly in Germany has deteriorated significantly over the past few months. It hit a low of -44.1 in August reflecting significant pessimism. Analysts are predicting the confidence ticked slightly higher in September to -38 and a recession in Germany the eurozone\u2019s largest economy.<\/p>\n

 <\/p>\n\n\n\n\n
Why does poor economic data drag on a country\u2019s currency?<\/strong><\/td>\n<\/tr>\n
Slowing economic indicators point to a slowing economy. Weak economies have weaker currencies because institutions look to reduce investments in countries where growth prospects are low and then transfer money to countries with higher growth prospects. These institutions sell out of their investment and the local currency, thus increasing supply of the currency and pushing down the money\u2019s worth. So, when a country or region has poor economic news, the value of the currency tends to fall.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

This publication is provided as general information only and is not intended as an exhaustive treatment of its subject. TransferWise Inc. and its affiliates (“we” or “us”) expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of this publication, and you may not rely thereon for any purpose. You should consult with qualified professionals or specialists 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, investment or other professional advice from us. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

The pound advanced versus the euro on Monday. The pair hit a peak of \u20ac1.1306 before closing the session at \u20ac1.1293. However, currencies were broadly out of favour as investors moved out of \u201criskier\u201d currencies. The pound is edging lower versus the euro in early trade on Tuesday. What do these figures mean? When measuring […]<\/p>\n","protected":false},"author":163946597,"featured_media":5599,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1386,1395,1393,1394,1421,1406,1391,1392,1521],"class_list":{"0":"post-6040","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-brexit","10":"tag-eur","11":"tag-euro","12":"tag-gbp","13":"tag-german-zew-sentiment","14":"tag-no-deal","15":"tag-pound","16":"tag-sterling","17":"tag-supreme-court"},"acf":[],"yoast_head":"\nGBP\/EUR: Pound Edges Lower Ahead Of UK Supreme Court Hearing - 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\/gbp-eur-pound-edges-lower-ahead-of-uk-supreme-court-hearing\/\" \/>\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\\\/gbp-eur-pound-edges-lower-ahead-of-uk-supreme-court-hearing\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/gbp-eur-pound-edges-lower-ahead-of-uk-supreme-court-hearing\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Pound Edges Lower Ahead Of UK Supreme Court Hearing\",\"datePublished\":\"2019-09-17T05:56:48+00:00\",\"dateModified\":\"2019-09-17T07:12:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/gbp-eur-pound-edges-lower-ahead-of-uk-supreme-court-hearing\\\/\"},\"wordCount\":836,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/gbp-eur-pound-edges-lower-ahead-of-uk-supreme-court-hearing\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100640-gbp-eur-uk-gdp-and-eu-cpi-in-focus.jpg\",\"keywords\":[\"Brexit\",\"eur\",\"euro\",\"gbp\",\"german ZEW sentiment\",\"no deal\",\"pound\",\"sterling\",\"supreme court\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/gbp-eur-pound-edges-lower-ahead-of-uk-supreme-court-hearing\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/gbp-eur-pound-edges-lower-ahead-of-uk-supreme-court-hearing\\\/\",\"name\":\"GBP\\\/EUR: Pound Edges Lower Ahead Of UK Supreme Court Hearing - 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