The British pound has reversed some of its gains after starting off the morning on a positive note.
The currency is up by 0.4% at 1.3279 against the dollar as of 11:56 a.m. ET.
This follows news that Labour party leader Jeremy Corbyn lost a vote of no confidence by overwhelming margin: 172 to 40.
Earlier in the morning, the pound was up 0.9% at 1.3347 against the US dollar.
And, separately, on Monday, the S&P cut the UK’s “AAA” rating to “AA,” the Fitch lowered its “AA+” rating to “AA.”
As for the rest of the world, here’s the scoreboard:
- The US dollaris slipping as the post-Brexit hysteria starts to die down. The dollar index is down by 0.3% at 96.30. “A measure of calm has returned to global financial markets. Yet as long as the terms and timing of Brexit are unknown, these markets remain vulnerable to renewed selling,” argued Marc Chandler, the global head of currency strategy at Brown Brothers Harriman, in a note to clients.The Norwegian krone is stronger by 0.7% at 8.5161 per dollar amid a looming strike at various Norwegian oil and gas fields, which has pushed up Brent crude oil by 2.5% to $48.97 per barrel. The Australian dollar is stronger by 0.3% at .7351 per dollar after falling sharply in overnight trade to a low of .7320. The euro is stronger by 0.3% at 1.1054 against the dollar.