{"id":6130,"date":"2019-09-25T03:00:46","date_gmt":"2019-09-25T07:00:46","guid":{"rendered":"https:\/\/currencylive.com\/?p=6130"},"modified":"2019-09-25T02:22:30","modified_gmt":"2019-09-25T06:22:30","slug":"101177-gbp-eur-pound-advances-vs-euro-as-parliament-to-reconvene-today","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101177-gbp-eur-pound-advances-vs-euro-as-parliament-to-reconvene-today\/","title":{"rendered":"GBP\/EUR: Pound Advances vs Euro As Parliament To Reconvene Today"},"content":{"rendered":"

The UK Supreme Court ruing that Boris Johnson\u2019s prorogation of Parliament was illegal sent the pound higher versus the euro in the previous session. The pound euro exchange rate surged to a peak of \u20ac1.1360 before easing back into the close. The pound is advancing against the euro in early trade on Wednesday.<\/p>\n

Eleven judges in the UK\u2019s highest court ruled, on Tuesday, that Boris Johnson acted unlawfully by suspending Parliament for five weeks so close to Brexit. The court decided that it was unlawful \u201cbecause it had the effect of frustrating or preventing the ability of Parliament to carry out its constitutional functions\u201d without adequate justification.<\/p>\n

Parliament will reconvene today which has provided a dose of optimism to pound investors, despite the lingering political uncertainty. Boris Johnson has given no indication that he will resign, even though his Brexit strategy lays in tatters. The pound rose because investors determined that with MP\u2019s returning to work, there is a smaller probability that the UK will crash out of the EU without a deal.<\/p>\n

However, it is worth pointing out that this decision by Parliament has weakened the PM\u2019s negotiating strategy with the EU. He is now in a much weaker position which could make a Brexit deal less likely. Investors will pay close attention as to what the PM\u2019s next move will be.<\/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 Trades At The Will Of The Dollar<\/strong><\/h3>\n

The euro moved higher later in the session on Tuesday. However, this was more of the dollar weakness story rather than because of any fundamental strength to the euro.<\/p>\n

The euro trades inversely to the dollar. The dollar slumped in the previous session following a sharp decline in US consumer confidence and after US House speak Nancy Pelosi accused President Trump of enlisting a foreign power to help win the 2020 election. The House will launch formal impeachment investigation into President Trump. The high levels of political risk sent the dollar lower, boosting the euro.<\/p>\n

However, dollar the dollar has quickly rebounded after President Trump criticised China in a United Nations speech. This sparked concerns about worsening trade relations between the two powers and triggered a fresh wave of risk aversion. In times of geopolitical risk investors look towards the dollar for its safe haven properties. As a result, the euro is under pressure.<\/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

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.\u00a0 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

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

The UK Supreme Court ruing that Boris Johnson\u2019s prorogation of Parliament was illegal sent the pound higher versus the euro in the previous session. The pound euro exchange rate surged to a peak of \u20ac1.1360 before easing back into the close. The pound is advancing against the euro in early trade on Wednesday. Eleven judges […]<\/p>\n","protected":false},"author":163946597,"featured_media":4403,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1396,1386,1399,1395,1393,1394,1556,1406,1474,1391,1392,1462,1400],"class_list":{"0":"post-6130","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-china","12":"tag-eur","13":"tag-euro","14":"tag-gbp","15":"tag-impeachment","16":"tag-no-deal","17":"tag-parliament","18":"tag-pound","19":"tag-sterling","20":"tag-trade","21":"tag-trump"},"acf":[],"yoast_head":"\nGBP\/EUR: Pound Advances vs Euro As Parliament To Reconvene Today - 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\/101177-gbp-eur-pound-advances-vs-euro-as-parliament-to-reconvene-today\/\" \/>\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\\\/101177-gbp-eur-pound-advances-vs-euro-as-parliament-to-reconvene-today\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101177-gbp-eur-pound-advances-vs-euro-as-parliament-to-reconvene-today\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Pound Advances vs Euro As Parliament To Reconvene Today\",\"datePublished\":\"2019-09-25T07:00:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101177-gbp-eur-pound-advances-vs-euro-as-parliament-to-reconvene-today\\\/\"},\"wordCount\":772,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101177-gbp-eur-pound-advances-vs-euro-as-parliament-to-reconvene-today\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100389-gbp-eur-brexit-hope-lifts-pound.jpg\",\"keywords\":[\"boris johnson\",\"Brexit\",\"china\",\"eur\",\"euro\",\"gbp\",\"impeachment\",\"no deal\",\"parliament\",\"pound\",\"sterling\",\"trade\",\"trump\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101177-gbp-eur-pound-advances-vs-euro-as-parliament-to-reconvene-today\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101177-gbp-eur-pound-advances-vs-euro-as-parliament-to-reconvene-today\\\/\",\"name\":\"GBP\\\/EUR: Pound Advances vs Euro As Parliament To Reconvene Today - 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