The pound remained supported yesterday after UK PM Theresa May survived the confidence vote called after her deal was defeated on Tuesday. Investors may now be eager to see what kind of a plan B May will bring back and whether MPs will support it. Elsewhere, market sentiment was somewhat hurt overnight following reports of investigations over whether Huawei has stolen trade secrets from US firms.
Pound Stays Strong After May Wins Confidence Vote
The pound traded higher against all but one of the other G10 currencies, with the dollar being the only one to resist, thereby keeping Cable virtually unchanged. The main losers were NZD, AUD and JPY in that order.
Twenty-four hours after the devastating defeat over her Brexit plan, UK Prime Minister Theresa May survived the confidence vote called after her deal was rejected. Specifically, MPs voted 325 – 306 in favor of May’s government. Just after the vote, May called lawmakers from...
Read the full financial markets daily report on JFD Research.