Sterling's hit a one month high against the dollar

Rebecca Smith
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The pound's riding high - compared to where it was four weeks ago (Source: Getty)

Sterling hit a one-month high against the dollar, today propelled by yesterday's ruling that only Parliament could start the process of leaving the EU.

It was up as much as 1.6 per cent against the dollar at $1.2492 in afternoon trading in London, and up two per cent to €1.1263 against the euro.

Mark Carney also helped by quietening speculation over his future as governor of the Bank of England (BoE) earlier in the week; saying he'll stay until 2019, a one-year extension to the contract he had already agreed. He also announced an upgrade to BoE growth forecasts.

Read more: Paddy Power Betfair raises guidance on weak sterling

The pound was also stronger against the dollar because, you guessed it: uncertainty over a Donald Trump win in the US election is causing jitters and weakening the greenback - new job figures didn't help.

And let's not overstate sterling's resurgence. The pound has been lingering around three-decade lows after currency markets baulked at the Brexit lines being taken at the Conservative party conference last month.

Yesterday, campaigners won a High Court battle over Theresa May's decision to use the royal prerogative in her Brexit strategy. Judges ruled the PM doesn't actually have the right to trigger Article 50 without the permission of parliament.

The ruling will be reviewed in December, but speculation has already looked ahead to what will happen should lawmakers secure the final say on triggering Article 50 of the Lisbon Treaty.

Read more: Shop prices continued to fall in October, despite sterling's slide

Today, Conservative MP Stephen Phillips resigned over the government's handling of Britain's exit from the EU - despite being a Leave proponent,

And Theresa May apparently had a chat with European Commission President Jean-Claude Juncker, saying it's full steam ahead from her perspective and she still feels on track to have Article 50 triggered by March next year.

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