(Bloomberg) -- The pound held gains after UK Prime Minister Boris Johnson survived a vote on his leadership of the ruling Conservative Party. 

Sterling rose 0.4% to $1.25 after Conservative lawmakers voted to keep Johnson their leader. He has faced widespread calls to resign since it was revealed he attended parties at his official London residence on 10 Downing Street in a breach of lockdown rules his own government wrote.

Johnson’s victory means he’s immune from another challenge for a year under current party rules. Still, he’s not necessarily out of the woods: his predecessor Theresa May survived a similar vote in 2018, only to lose her position months later.

The pound is the third-worst performing major currency this year, trailing only the Japanese yen and Swedish krona.

Early reaction from equity investors to the vote may come from Asia, where FTSE 100 Index futures will be traded. The underlying equity benchmark rose on Monday as traders monitored Johnson’s chances of winning the vote. 

The FTSE 100 Index has outperformed regional peers this year, largely thanks to its commodities companies and defensive-sector shares. The gauge is up about 3% year-to-date versus a 9% decline for the Stoxx Europe 600.

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