Pound holds its ground after soaring against US dollar and Euro

Mail Online | 1/17/2019 | James Wood;Mark Duell for MailOnline;Afp
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The pound has climbed against the dollar and Euro this evening as markets react to Theresa May's no confidence vote victory.

Mrs May's government survived a no confidence vote by 325 to 306, launched by Jeremy Corbyn after her EU deal suffered a resounding defeat last night.

Moments - Vote - Pound - Dollar - Euro

In the moments directly after the vote, the pound climbed against both the dollar and the Euro - latching onto the short-term stability afforded by Mrs May's victory.

Nigel Green, founder and chief executive of deVere Group, said the pound, the FTSE and UK financial assets can be expected to rally over the next few days.

'Indeed - Developments - Scenarios - Sterling - Stocks

He said: 'Indeed, based on these latest developments, most scenarios favour sterling and UK stocks as they are currently undervalued.

'I believe there to be more opportunities than risk for sterling and UK assets from here.'

Sterling - Mood - Day - Gains - Vote

Sterling had been in a resilient mood during the day, holding onto gains ahead of a the Parliamentary no-confidence vote on Mr May's Government.

The pound was trading broadly flat versus the US dollar and euro at 1.285 and 1.127 respectively, as MPs once again prepared to cast their ballot.

Sterling - Government - Proposal - European - Union

The sterling tanked to a near two-year low soon after the Government's proposal on leaving the European Union was soundly beaten last night, but soon bounced back.

Traders bet there would not be a No Deal exit, and analysts said the positive news is that the options for the future are now narrowing in the long-running saga.

Asia - Pound - Sort - Today - £1

It was slightly lower in Asia, but the pound avoided the sort of pummelling many had predicted. At 5pm today, £1 was at $1.2860, compared to $1.2761 at the last close.

Fiona Cincotta, senior market analyst at City Index, said: 'Trades are taking an optimistic view of Theresa May's historic defeat last night.

Deadlock - Parliament

'The deadlock is so apparent in Parliament and the...
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