Sterling traders mull effects of May’s latest defeat

The pound edged higher yesterday as strong British retail sales lifted sentiment, though investors were considering the consequences of a Brexit vote defeat in parliament for Prime Minister Theresa May.

On a weekly basis, the British currency was set for its third consecutive drop. Analysts said the latest parliamentary loss for the UK government, although on a symbolic vote, indicates Ms May does not have the support of her MPs. With less than six weeks before the March 29 exit date, Ms May has stepped up efforts to convince the EU to grant her concessions.