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Analysts at ANZ noted that the UK Prime Minister May narrowly survived a fresh revolt over Brexit overnight, highlighting the fragility of UK politics.

Key Quotes:

“May’s Government narrowly won a vote 307-301 against an amendment to its trade bill.”

“The amendment was proposed by pro-EU conservatives to keep the possibility of a customs union on the table after Brexit.”

“The Government had considered pulling the entire bill if they were defeated on that amendment.”

“Earlier, the Government lost 305-301 on another amendment that sought to keep the UK within the EU’s regulatory regime for medicines after Brexit.”

“The close votes highlight the continuing uncertainty surrounding the political landscape.”

“GBP traded as low as 1.3070 before rebounding to 1.3140 on the customs vote. Nonetheless, it was still the worst performing G10 currency on the day.”