Third ballot results of the race for Conservative leadership

  • The third ballot results of the race for Conservative leadership sees Rory Stewart eliminated.
  • The third ballot results of the race for Conservative leadership sees Boris Johnson leading.
  • GBP/USD is capped by the result as markets price in chances of a hard Brexit. 

Tory MPs have been voting again in a third round of the leadership contest, with the man who comes last set to be eliminated. The result of the third ballot for the Conservative leadership is being announced.

The contenders were as follows:

  • Boris Johnson, Jeremy Hunt, Michael Gove, Sajid Javid and Rory Stewart.

Boris Johnson, the former foreign secretary and Mayor of London, was topping the first ballot earlier this month with 114 votes and yesterday's ballot with 126.

Round two results were as follows: 

  • Boris Johnson: 126
  • Jeremy Hunt: 46
  • Michael Gove: 41
  • Dominic Raab: 30 (eliminated) 
  • Sajid Javid: 33
  • Rory Stewart: 37

The results:

  • Boris Johnson: 143
  • Jeremy Hunt: 54
  • Michael Gove: 51
  • Sajid Javid: 38
  • Rory Stewart: 27 (Out)

FX implications:

Candidates advancing through the race who are supporting a hard Brexit will weigh on the value of sterling as it will be suggesting that markets may have to price in a higher probability of a no-deal Brexit. 

  • GBP/USD made a high of 1.2638 earlier in the session and was +0.61% up ahead of the results at 1.2634 - it dropped to 1.2628 on the result. 

And the race continues...

  • Members of the Conservative Party will now be able to vote on the final two.
  • Finally, beginning on 22 June, the final two candidates will be put to a postal vote of the 160,000 Tory party members.
  • The winner expected to be announced about four weeks later.

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