{"id":83630,"date":"2019-12-13T02:00:22","date_gmt":"2019-12-13T07:00:22","guid":{"rendered":"https:\/\/currencylive.com\/?p=83630"},"modified":"2019-12-13T03:01:59","modified_gmt":"2019-12-13T08:01:59","slug":"101758-gbp-eur-pound-storms-higher-on-unexpectedly-large-tory-victory","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101758-gbp-eur-pound-storms-higher-on-unexpectedly-large-tory-victory\/","title":{"rendered":"GBP\/EUR: Pound Storms Higher On Unexpectedly Large Tory Victory"},"content":{"rendered":"

The pound rallied hard versus the euro as the UK Conservatives win a solid majority in the UK general election. The pound euro exchange rate soared 1.6% to close Thursday at \u20ac1.2048, it highest level since just after the a Brexit referendum in July 2016. The pair has pushed marginally higher in early trade on Friday.<\/p>\n

Leader of the Conservatives, Boris Johnson, won the UK general election. At the time of writing he has 361 seats, compared to Labour leader Jeremy Corbyn\u2019s 202 seats, with 5 seats yet to be declared. This was the best performance by a Conservative leader since 1987 and the worst performance by a Labour leader in modern history, as the people of the UK voted to get Brexit done.<\/p>\n

The solid majority that Boris Johnson secured means an end to the political paralyses that has gridlocked Parliament since Theresa May lost her working majority in 2017. For Brexit, this means that Boris Johnson\u2019s Brexit deal will almost certainly be ratified quickly enabling the UK to leave the EU by 31st<\/sup> January with a deal in place, bringing to an end three and a half years on lingering Brexit uncertainty which has dragged on the UK economy.<\/p>\n

Furthermore, Boris Johnson\u2019s strong majority will give him some breathing space with extending the transition period. His majority will most likely drown out the European Research Group and could result in a softer Brexit.<\/p>\n

Brexit aside, large working majorities have historically been good for the pound across the past 40 years.<\/p>\n

Euro Digests ECB, Election, Trade<\/strong><\/h3>\n

The euro moved broadly higher following the election vote, but less so that the pound. This is because eurozone economies will also benefit from a smooth Brexit that a strong majority Tory Government is expected to bring.<\/p>\n

Earlier in the previous session, euro investors had also digested the European Central Bank (ECB) monetary policy announcement; the first with Christine Lagarde at the helm of the central bank. As expected, the ECB voted to keep monetary policy unchanged.<\/p>\n

Christine Lagarde set out to maintain her predecessor ultra-loose policy whilst sounding upbeat in tone on the eurozone economy. She rejected fear that the eurozone economy could slip into a prolonged period of low rates, growth and inflation.<\/p>\n

There is no high impacting eurozone data to be released today. Euro investors will continue digesting UK election cometary and news that a US \u2014 China trade deal has been agreed in principal.<\/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

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

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

\n
Currencylive.com<\/em> is a news site only and not a currency trading platform.<\/em><\/h6>\n
Currencylive.com is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any 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 on our site. 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, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 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","protected":false},"excerpt":{"rendered":"

The pound rallied hard versus the euro as the UK Conservatives win a solid majority in the UK general election. The pound euro exchange rate soared 1.6% to close Thursday at \u20ac1.2048, it highest level since just after the a Brexit referendum in July 2016. The pair has pushed marginally higher in early trade on […]<\/p>\n","protected":false},"author":163946597,"featured_media":4367,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1396,1386,1657,1413,1389,1395,1393,1870,1690,1985,1696,1391,1392],"class_list":{"0":"post-83630","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-british-pound","12":"tag-ecb","13":"tag-elections","14":"tag-eur","15":"tag-euro","16":"tag-exchange-rates","17":"tag-forex","18":"tag-majority","19":"tag-pm","20":"tag-pound","21":"tag-sterling"},"acf":[],"yoast_head":"\nGBP\/EUR: Pound Storms Higher On Unexpectedly Large Tory Victory - 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\/101758-gbp-eur-pound-storms-higher-on-unexpectedly-large-tory-victory\/\" \/>\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\\\/101758-gbp-eur-pound-storms-higher-on-unexpectedly-large-tory-victory\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101758-gbp-eur-pound-storms-higher-on-unexpectedly-large-tory-victory\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Pound Storms Higher On Unexpectedly Large Tory Victory\",\"datePublished\":\"2019-12-13T07:00:22+00:00\",\"dateModified\":\"2019-12-13T08:01:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101758-gbp-eur-pound-storms-higher-on-unexpectedly-large-tory-victory\\\/\"},\"wordCount\":772,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101758-gbp-eur-pound-storms-higher-on-unexpectedly-large-tory-victory\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100371-gbp-eur-brexit-uncertainty.jpg\",\"keywords\":[\"boris johnson\",\"Brexit\",\"british pound\",\"ecb\",\"Elections\",\"eur\",\"euro\",\"exchange rates\",\"forex\",\"majority\",\"pm\",\"pound\",\"sterling\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101758-gbp-eur-pound-storms-higher-on-unexpectedly-large-tory-victory\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101758-gbp-eur-pound-storms-higher-on-unexpectedly-large-tory-victory\\\/\",\"name\":\"GBP\\\/EUR: Pound Storms Higher On Unexpectedly Large Tory Victory - 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