The pound is taking off on Thursday morning after the High Court ruled that the British government cannot begin the formal process to leave the European Union without first having a vote in parliament.
The verdict of the landmark case on the triggering Article 50 was announced just after 10.00 a.m. GMT, and send the pound soaring, climbing more than 1.2% against the dollar almost instantaneously. It then quickly slipped back, and as of around 10.12 a.m. GMT (6.12 a.m. ET) is higher by around 0.66%.
Here is the chart of how it looks on the day:
Against the euro, sterling is also climbing after the decision, gaining 0.83% on the day so far. Here’s the chart:
Earlier in the morning, the pound’s relative strength was driven by weakness in the dollar caused by growing concerns in the markets about a Donald Trump presidency. Polls in recent days suggest that Republican Presidential candidate Trump is substantially narrowing the gap between himself and his Democratic rival Hillary Clinton with less than a week to the presidential election.
A Trump presidency would be broadly seen as a negative for the financial markets, and as a result, the prospect has pushed investors away from the dollar, in turn sending sterling upwards.