Sterling On Track For The Best One-day Gain Following May’s Speech

Sterling surged steeply on Tuesday, on track for its best one-day gain against the dollar since 2008, after Prime Minister Theresa May said her country would leave the EU’s single market when it exits the European Union.

The currency pair GBPUSD hit 1.23970 – the highest level since January 06th even after PM May put an end to expectation that Britain may seek a “soft Brexit”. In a speech at London’s Lancaster House on Tuesday, the prime minister stated that she will try to achieve “the freest possible trade” with the EU while regaining the control of  “the number of people who come to Britain from Europe”.

May said that she will reject the common external tariff which prevents Britain from negotiating separate trade deals with third countries and that both houses of parliament would have a vote on the final Brexit deal, expected in early 2019.

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