The Great Britain pound fell today after yesterday’s disastrous speech of Prime Minister Theresa May led to speculations that she may face rebellion in her Conservative party.
The annual Conservative party conference speech, in which May tried to shift focus from the Brexit to domestic issues, turned into nightmare with tons of mishaps: from a prankster, to May’s coughing fits, to the stage set literally falling apart. According to Telegraph, up to 30 Tory lawmakers are preparing to sign a letter calling for her resignation, though Nomura International strategist Jordan Rochester argued in his comments to Bloomberg that the rebellion is likely to be short-lived:
If sterling really has been sold today for fears of a rebellion, that may be short-lived. Tory rebels will likely remember the long game, which is to place all the blame from Brexit negotiation woes on Theresa and move on when 2019 presents itself.
GBP/USD dropped from 1.3246 to 1.3184 as of 10:28 GMT today. GBP/CHF declined from 1.2914 to 1.2883, and its daily low of 1.2846 was the lowest since September 14.
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