Breaking: UK PM May survives the no-confidence vote, Pound eases
The result of the no-confidence vote is out. 200 MPs voted in favor of the Prime Minister, out of a total of 317 Tory MPs eligible to vote. She needed a simple majority to retain her party's leadership.
The GBP/USD pair surged over 1.0% ahead of the result, as optimistic markets believed May would win as several lawmakers voiced their support ahead of the secret ballot. The pair's advance is the largest in over a month, yet fell short of driving it above the 1.2660 level, the former yearly low.
Furthermore, Jeremy Corbyn reminded PM May earlier today that the Brexit deal, beyond May's leadership, needs to be approved by the Parliament. PM May reached a stalemate situation, as her EU counterparts refuse to re-open negotiations, while in the UK, the Parliament won't vote the deal as it is. PM May said that the deal will likely be submitted to Parliament by the ends of January.