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Pound rallies as Theresa May seen surviving confidence challenge
The pound rallied as the market judged U.K. Prime Minister Theresa May may survive a threat to her leadership launched Wednesday. Sterling recovered from a 20-month low and gilts fell after May said she would contest a vote of no confidence and many of her Cabinet ministers came out in support of her. Options betting on overnight pound-dollar volatility soared to the highest since June last year, ahead of the vote Wednesday evening. “My expectation is May will actually survive the vote of no confidence and that’s probably the market’s too, helping the pound for now,” said Neil Jones, head of currency hedge ... (full story)
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