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Crushing defeat for PM May 432-232; next step vote of no-confidence

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The House of Commons voted against PM May’s Brexit deal 432 to 232, the worst defeat in almost over a century. The British pound spiked to the session lows at 1.2668 before rebounding towards 1.2800. Immediately after the defeat, Jeremy Corbyn, the leader of the opposition Labour party signaled he would now table a motion of no confidence in the government on Wednesday.

The scenarios and expectations on how Brexit will play out are still plentiful. 73 days are left until March 29th and tomorrow we will find out if PM May will survive yet again. We still could eventually see PM May deliver a Brexit deal if she survives the no confidence vote and is able to get EU concessions, something that they reiterated today they were not willing to do. The risks for a second Brexit referendum or a general election have also gone up. The pound is well off the lows as expectations are now lower for both a no-deal Brexit or seeing PM May’s Brexit deal pushed through.  Their is no clear likely scenario that is being priced in.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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