British pound briefly climbs in wake of Theresa May news
The British pound jumped, then pulled back on the news U.K. Prime Minister Theresa May will step down, after she failed three times to get a Brexit deal passed through Parliament. Making the announcement from Downing Street, May said her last day as prime minister and Conservative party leader will be June 7.
The pound initially jumped on the move that had been widely reported, rising to a session high of $1.2725, before falling back to $1.2674, but still up 0.2% on the day. "The fact is that sterling volatility is going to rise from here and Boris Johnson is going to go for the hard Brexit which is going to be a huge disaster for the country," said Naeem Aslam, chief market analyst at TF Global Markets, in reference to former foreign secretary and Brexit hardliner Johnson.
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