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

12/13/2018, 10:45:54 AMMarket Analysis
Dollar Hurt by Sterling as Vote on UK PM May's Future Underway

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.