Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Forex - Dollar Hurt by Sterling as Vote on UK PM May's Future Underway

Published 12/12/2018, 01:56 PM
Updated 12/12/2018, 01:56 PM
© Reuters.

Investing.com - The U.S. dollar was pushed back by a surge in the pound as traders bet UK Prime Minister Theresa May will survive a vote of no confidence.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.33% to 97.03.

At least 160 of May’s Conservative party colleagues publicly indicated support for her on Twitter, The Guardian reported, as a vote of a no-confidence got underway Wednesday.

That would be enough for a simple majority, though it is not known whether May's colleague will follow through as the ballot is secret.

There's much a stake for May, as a loss, or win by a small margin would weaken her position, throwing the UK's departure into chaos, less than four months from the March 29 deadline.

Voting got underway at 18:00 GMT/1:00 PM ET, with results due to be announced by 21:00/4:00 PM ET.

GBP/USD rallied 1.2% to $1.2639.

EUR/USD gained 0.44% to $1.1368 ahead of the European Central Bank decision due Thursday, while USD/JPY slipped 0.12% to Y113.24 despite the risk-on backdrop as global markets rallied.

USD/CAD dropped 0.36% to C$1.3342 as rising oil prices underpinned the loonie, liming gains in the pair.

-- Reuters contributed to this report.

Latest comments

Wild swings on the way!
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.