Home » Currency Note » Currency Note » Currency Note GBP » GBP: Theresa May defeats Tory coup

The Tory rebels certainly pick their moments, as they triggered a vote of no confidence in the Prime Minister yesterday, as she was set to fly around Europe seeking concessions from EU27 leaders. Ultimately, the plot failed, although it will be of some concern that the party os so split on who should lead them through the Brexit process. The selfishness of Rees-Mogg et al. was roundly condemned from those faithful to May and you do have to wonder what would have happened to Brexit had May been defeated.

Sterling performed quite well yesterday and made some healthy gains against the euro and dollar, as investors clearly felt that May would win and reduce to chances of a no-deal Brexit leader. Still, it only hit a two-day high and is still far below what it was worth a couple of months ago. The next few weeks will be particularly interesting.

Nothing on the economic data schedule for the rest of the week, but perhaps that’s just as well, what with all of the Brexit-related news that we are hearing on a minute-by-minute basis. The fallout from yesterday’s ballot result will undoubtedly steal the headlines, especially as it still remains to be seen what will happen with May’s Brexit plans.

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