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Pound Gains as UK Leadership Relief Outweighs Future Challenges

  • Sterling holds above $1.25 after Johnson wins confidence vote
  • Prime Minister suffers bigger rebellion than his predecessor
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Boris Johnson Wins Conservative Party Leadership Vote
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The pound held gains after UK Prime Minister Boris Johnson survived a vote on his leadership of the ruling Conservative Party, even as the rebellion raises uncertainty over his position. 

Sterling rose 0.3% to $1.2532 as of 5:18 p.m. after 211 Tory MPs voted for Johnson compared with 148 against. The UK currency is the third-worst performer among Group-of-10 peers this year, trailing only the Japanese yen and Swedish krona.