The release of this news saw a spike in the UK currency against the euro, climbing from €1.113 to €1.115, before falling back to near its opening levels.
Anti-Brexit campaigners are hoping that this ruling will increase the chances that Brexit will be called off, leaving the UK to remain in the EU.
Better-than-expected figures released from Germany this morning buoyed the euro, as imports for October rose from 0 percent to 1.3 percent, and exports rose from -0.4 percent to 0.7 percent.
Italy’s industrial output for October also showed signs of life, going from -0.1 percent to 0.1 percent compared to the previous month, although the Eurozone Sentix investor confidence for December plummeted from 8.8 to -0.3.
This morning’s UK gross domestic product (GDP) figures showed an increase to 0.1 percent from 0 percent in October, although the majority of the data released for the UK this morning disappointed.
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This included manufacturing production for October, which fell -0.9 percent compared to September, and industrial production, which fell -0.8 percent compared to last October.
Last Friday saw Q3 Eurozone GDP decrease from 1.7 percent to 1.6 percent despite expectations that it would remain steady, leading the GBP/EUR exchange rate to make a slight gain before plummeting.
Halifax’s November UK house prices were also released on Friday morning, showing the slowest rate of growth in six years, falling from 0.7 percent to -1.4 percent compared to October.
With Parliament voting on Theresa May’s withdrawal agreement tomorrow, there will likely be volatility in the GBP/EUR exchange rate, with the instability likely to favour the euro.