The pound has nudged higher against the euro as developments suggest that there could be a “softening of, or stopping altogether of, Brexit completely,” experts said. The exchange rate’s recovery came on Tuesday after the UK government was found to be in contempt of Parliament as it had not published the complete legal advice to Cabinet on the withdrawal agreement. Sterling began its path to recovery following another Government defeat to Tory former attorney general Dominic Grieve's amendment which could potentially block a no deal Brexit. The exchange rate is unlikely to be impacted by figures from the Eurozone released today, however.
Pound to euro exchange rate: Brexit no-deal odds ease and GBP stabilises
The pound is currently trading at €1.123 against the euro, according to Bloomberg.
Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures.
“With the odds of a no-deal Brexit appearing to have eased (for now at least) the GBP/EUR exchange rate was able to stabilise on Thursday and trade in the region of €1.122,” Parsons said.
“Today’s final Q3 growth figures for the Eurozone are unlikely to have an impact on GBP/EUR unless the final figures differ from initial projections.”
Today marks day three of the five days of debate ahead of the vote next week on Tuesday.
If Prime Minister Theresa May loses the Brexit vote next Tuesday, the Government has 21 days to come back to the Commons to outline what happens next.
Pound to euro exchange rate: Brexit no-deal odds ease and GBP stabilises (Image: Getty Images)
John Goldie, FX Dealer at Argentex, described how sterling has remained volatile to investor fears of a no-deal Brexit.
He said: “Sterling has dropped on the fear that no-deal is part of the conversation, but the commentaries seem to believe that recent developments may open the door to a softening of,