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The downtrodden pound could be a big winner from the UK’s Brexit chaos, but investors are expecting a bumpy ride
May's defeat makes a second referendum, or Britain never leaving the EU at all, more likely. Those scenarios would be a godsend for pound bulls.
May was widely expected to suffer a crushing, and that defeat came to pass, with MPs voting 432-202 against the Withdrawal Agreement.
A Brexit-backing hedge fund titan now says Britain won’t actually leave the EU, and is betting big on the pound
"My view is that it ain’t going to happen," Crispin Odey said. "I just can’t see how it happens with that configuration of parliament."
‘Like playing darts while riding a unicycle’: Markets just don’t know what to make of UK politics right now
London traders are struggling to make sense of the shocking move by Prime Minister Theresa May's own party to try and oust her from power.
US President Donald Trump's threats about slapping tariffs on iPhones sent Apple's stock lower, while his barbs about Brexit hurt the pound.
The pound has gained more than 1.1% against the dollar on Thursday morning.
UBS: A UK recession and pound-dollar parity are on the horizon, and Brexit risks are rising ‘literally’ by the minute
'The risks of a more disorderly situation around Brexit are, literally as we speak, increasing,' UBS' John Wraith said on Thursday.
The pound is charging higher against other major currencies on Tuesday afternoon.
As May's speech ended at around 2.10 p.m. BST (9.10 a.m. ET), the pound was down 1.4% against the dollar and around 1% against the euro, as markets interpreted May's words as making a hard Brexit more likely.
The pound dollar exchange rate gained more than 1% to trade above $1.30 after Michel Barnier said a Brexit deal is possible in six to eight weeks.