Sterling Soft After Northern Ireland Court Decision

The Great Britain pound rose against the US dollar but fell against most other currencies today as the threat of the Brexit continued to undermine the currency’s appeal to Forex traders.

The big news of the day was the decision of Northern Ireland’s High Court that British government can initiate the Brexit without consent from the parliament. The matter is not over as the High Court in London is yet to make its decision as today’s verdict is related just to Northern Ireland and does not incorporate the rest of the United Kingdom. But for now, the news was a reason enough for speculators to stay away from Britain’s currency.

UK economic data was no helpful to the sterling either, with the GfK Consumer Confidence Index falling from -1 to -3 in October. Admittedly, macroeconomic indicators had limited impact on the currency lately as traders were focused on Britain’s future after the Brexit, not on the nation’s current economic health, which may totally change after the country leaves the European Union.

GBP/USD ticked up from 1.2160 to 1.2192 as of 18:16 GMT today. EUR/GBP rose from 0.8957 to 0.9006. GBP/JPY slid from 128.01 to 127.56.

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