04/12/2018 – This Morning’s Exchange Rates

  • Posted by currencies in Rate Alerts
  • December 4, 2018
  • No Comments

The UK can halt Brexit by unilaterally revoking Article 50.

An advocate general from the European Court of Justice (ECJ) has published his legal opinion on the case.

Manuel Campos Sanchez-Bordona’s written opinion is an independent legal solution to the question of whether an EU member state such as the UK can decide on its own to revoke the Article 50 withdrawal process or whether the agreement of the 27 other member states would be required.

The opinion, which is not binding on the court, comes just a week after the case was heard at the ECJ following a referral from Scotland’s highest civil court, the Court of Session.

A statement from the ECJ said: “In answer to the question from the Scottish court, the Advocate General proposes that the Court of Justice should, in its future judgment, declare that Article 50 TEU allows the unilateral revocation of the notification of the intention to withdraw from the EU, until such time as the Withdrawal Agreement is formally concluded, provided that the revocation has been decided upon in accordance with the member state’s constitutional requirements, is formally notified to the European Council and does not involve an abusive practice.”

Sterling fell to its lowest level since the end of October as growing concerns about British parliamentary approval for a proposed Brexit deal prompted investors to sell the currency.
Until the British parliament votes on the deal next week, Brexit headlines are going to keep the pound weak.

British Prime Minister Theresa May said she would still be in her job in two weeks’ time, playing down speculation that she might resign if the Brexit deal is not approved by parliament in a vote scheduled for Dec. 11.

GBP/EUR 1.1217

GBP/USD 1.2801

GBP/AED 4.6917

GBP/AUD 1.7328

GBP/CHF 1.2724

GBP/CAD 1.6864

GBP/NZD 1.8381

EUR/USD 1.1399

GBP/ZAR 17.263

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