Pound Falls to Four-Week Low as May Speech Fuels Tory Rebels
- Currency sees leveraged account selling as stops triggered
- Fears of a Tory rebellion ‘may be short-lived’: Nomura
Long-Term Dollar Uptrend Continues, Says Chandler
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The pound fell to the lowest in nearly a month as newspaper reports speculated that U.K. Prime Minister Theresa May could face a leadership rebellion from within her own party following a disastrous speech Wednesday.
Sterling declined versus all of its Group-of-10 peers and demand for dollar longs intensified as U.S. trading got underway, adding to selling by leveraged accounts, traders in London said. The prime minister’s policy announcements at her Conservative party’s annual conference were overshadowed by mishaps including coughing fits, and up to 30 Tory lawmakers are prepared to sign a letter calling for her resignation, according to the Telegraph.