Published On: Thu, Dec 7th, 2017

Pound to euro exchange rate: Sterling ‘relatively stable’ despite Brexit 'REVOLT'

Pound sterling is up very slightly today against the euro since its value this time yesterday. 

The GBP converts to €1.1341 according to figures accurate at 7:17am this morning.

This is a marginal increase from yesterday, when it came in at €1.1339 at the beginning of the day.

The pound’s relative stability against EUR today comes after a difficult beginning to the week. 

As the sterling currency is closely linked to Brexit fortunes, it is unsurprising it has dropped as the discussions between the UK and the EU are stilted. 

Sterling dropped in value against the euro last Tuesday after Theresa May returned from a meeting with European Commission President Jean-Claude Juncker without a Brexit divorce deal. 

It has been calculated Europe will face 1.2 million job losses if a Brexit solution cannot be agreed, according to stats from the Centre of Economic Policy Research.

Meanwhile, the UK alone will face a 4.5 per cent hit to Gross Domestic Product (GDP) if an agreement cannot be obtained. 

Laura Parsons, currency analyst at TorFX said, while the pound remained stable today, this may be temporary ahead of Eurozone figures anticipated today.

“The pound remained relatively stable on Wednesday,” she said of the GBP’s marginal shift compared to yesterday. 

However, this came “despite a lack of progress in resolving the thorny issue of the Irish border and reports of revolt in Theresa May’s cabinet”.

“GBP/EUR held above €1.13, but the pairing could fall later today if the Eurozone’s latest growth figures impress.”

Yesterday, Theresa May returned to Brussels for another meeting with Mr Juncker and Michel Barnier, European Chief Negotiator for the United Kingdom exiting the European Union. 

It is becoming ever more crucial for an agreement to be reached over issues such as the Irish border question, which has left the Democratic Unionist Party (DUP) criticising May.

Yesterday Laura said the DUP’s refusal to back May had left the pound “spiralling lower” in value against the euro. 

“News that the DUP’s opposition to PM Theresa May’s proposal for the Irish border could prevent the UK forging an exit deal with the EU before this month’s summit left Sterling spiralling lower on Tuesday.”

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Pound to euro exchange rate: Sterling ‘relatively stable’ despite Brexit 'REVOLT'