British Pound Strengthens, Ignoring Brexit Chaos

Forex News

Worries about Brexit continue to shake the markets. Lawmakers of the Conservative Party of British Prime Minister Theresa May elicited a vote of no confidence in her leadership after the planned UK divorce from the European Union plunged into chaos.

Graham Brady, Chairman of the 1922 Committee, stated, that a vote of no confidence in the leader of the Conservative party will take place as a threshold of 15% of the parliamentary party seeking such a vote has now been exceeded. Meanwhile, Theresa May promised to fight for her work.

The British pound rallied as the market judged UK Prime Minister Theresa May may survive a threat to her leadership launched Wednesday. The pound climbed 0.4% to $1.2539, after touching $1.2478, the lowest since April 2017. The currency also gained 0.3% against the euro.

Brexit is Britain’s most significant political and economic decision since the Second World War. The final result of the Brexit process will have far-reaching implications for the unity of the United Kingdom and will determine whether London can maintain its place as one of the two leading global financial centers.