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

POUND has risen marginally against the euro currency today, but it may prove temporary ahead of growing Brexit tensions and Eurozone figures expected later today.
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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. 

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Pound to euro exchange rate: Sterling remains stable despite threat of Brexit "revolt"

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. 

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Pound to euro exchange rate: The UK GBP will drop by 4.5 per cent if a Brexit decision fails

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Pound to euro exchange rate: Theresa May failed to reach an agreement with Juncker

The pound remained relatively stable on Wednesday despite a lack of progress in resolving the thorny issue of the Irish border

Laura Parsons, currency analyst at TorFX

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.”

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Pound to euro exchange rate: The Irish border question is holding back Brexit discussions

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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