A sense of calm prevailed in Wednesday’s Asian trading, as the dust settled over the Brexit vote defeat aftermath. Prime Minister Theresa May lost her bid to bring the ill-fated Brexit deal through the House of Commons by a huge majority of 230 votes. Following the defeat, May now faces a confidence vote in Parliament later today.

The GBP bulls faced exhaustion on Wednesday, leaving the Pound to consolidate the Brexit vote rejection rally near 1.2850 levels. The EUR/USD pair also steadied just ahead of the 1.14 handle while the Yen traded on the front foot amid moderate risk-aversion. The USD/JPY pair got sold-off once again at 108.75, having found some support near 108.50 region amid reports that the Bank of Japan will slash inflation forecasts at its monetary policy meeting next week.

On Tuesday, China vowed tax cut on a larger scale to help support its slowing economy on Tuesday, while the People’s Bank of China (PBOC) injected a record CNY 560 billion via reverse repo operations earlier today.

The EUR, GBP traders brace for yet another eventful session ahead, with the UK December CPI and PPI figures dropping in at 09:30 GMT. Just ahead of the UK inflation report, the Bank of England Governor Carney’s testimony on the Financial Stability Report (FSR) will be closely eyed at 09:15 GMT. Apart from these two event risks, the second-liner German final CPI data will be published at 07:00 GMT.

In the NA session, the UK PM Theresa May’s leadership challenge will headline scheduled at 19:00 GMT amidst minority housing sector and EIA crude stockpiles data from the US. Also, in focus remains the Fed Beige book release at 19:00 GMT alongside PM May’s no-confidence vote.

Oil markets are continuing their trend higher, pushing WTI prices back over 52.00 per barrel in early Wednesday action as investors hope for continued declines in US stocks and expectations of further cuts from China to boost spending and avert a slowdown. With so much uncertainty around demand and supply, the outlook for oil markets is unclear.

Gold futures kept the bid tone intact above 1290 levels. The gain in gold prices came after U.K. Prime Minister Theresa May’s Brexit plan was voted down by a hefty margin. The odds of hard Brexit may have dropped following the decisive vote in the UK parliament against the May’s Brexit deal, however, “no confidence” vote against May’s government could lead to early elections.