Boris survives no confidence vote
There were no major economic data releases on Monday and overall conditions were relatively subdued, especially with market holidays in Germany and France and the UK. The Euro held steady in early Europe, but was unable to make further headway and gradually lost ground as the dollar posted net gains. Overall, the Euro dipped to lows below 1.0700 after the New York open as yield spreads undermined the single currency.
Prime Minister Boris Johnson narrowly survived last night’s vote of no confidence in the House of Commons. Boris Johnson secured 211 votes in support versus 148 votes to oust the prime minister.
Overall risk conditions were firm with solid gains in equities which attracted an element of Sterling support. Risk conditions were less confident later in the day which sapped potential support. The UK currency settled around 1.2530 against the dollar at the European close with the Euro dipping to near 0.8525.