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Cable Crashes To 1-Month Lows As May Mutiny Mounts

Courtesy of ZeroHedge. View original post here.

On the heels of our earlier note regarding the disastrous speech Theresa May gave yesterday and the backlash from her own party, it appears the mutiny is mounting as The Telegraph reports that Tory rebels have said that there is a "50/50" chance they will confront Theresa May in the next three days and demand that she steps down before the end of the year.

Ed Vaizey, a former minister, today became the first Tory MP to break ranks and said that "quite a few people are firmly of the view that she should resign" after her disastrous conference speech.

The Telegraph understands that the rebels, who have the support of around 30 Tory MPs, believe there is a "small window of opportunity" to force the Prime Minister out.

They say that if they can attract sufficient support they will confront the Prime Minister directly and tell her to go.

"It has to be all or nothing," one of the Tory MPs said.

"We can't have a situation where a few go public with their criticism and the rest fade away. There is a small window of opportunity here, more people are coming forward.

"This is not about any personal animosity towards Theresa May. She just no longer seen as credible or competent."

The reaction in cable is clear – as the pound drops to one-month lows…

Once again, we are reminded of Kit Juckes' comments overnight:

If collapsing props, coughing fits and a comic interruption are all that matter than politics truly is all about style rather than substance, but the pound is a little weaker on the back of this news but it's still ‘bumping along the bottom' rather than heading into uncharted waters.

If EUR/USD has limited downside, so too does GBP/USD. Olivier pointed out yesterday that the lower spot provides the opportunity to Buy distant OTM calls, as the GBP risk is now getting very asymmetric.

Sad.


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