How High Court ruling on Brexit affected sterling

This is how sterling performed against the Euro in the aftermath of the announcement.
This is how sterling performed against the Euro in the aftermath of the announcement.

Sterling has risen the most against the dollar since August after the High Court ruled the British Government does not have the power to trigger Article 50 without MPs’ approval.

In the immediate aftermath of the ruling, sterling rose by one per cent against the dollar to just above $1.24.

Related Article: High Court rules Theresa May does not have authority to trigger Article 50 without approval from Parliament

It’s the first time sterling has gone above $1.24 in three weeks.

However, the gain was short lived as sterling dropped to $1.23 just before 10.30am.

Sterling also strengthened against the Euro rising from €1.10 to €1.12.

The British government said it will appeal the High Court’s ruling in the Supreme Court.

Related Article: Brexit High Court decision ‘welcome’