The pound initially dropped ahead of the announcement
Theresa May's statement was a major driver of volatility today after the pound inititally dropped to $1.25 upon Downing Street's initial statement.
But it recovered slightly to $1.2556 against the US dollar and staved off its losses, down now just 0.25pc minutes after her speech.
The Prime Minister and did not hold back with her rhetoric taking aim at the SNP, Labour, Liberal Democrats and the House of Lords for the divides at Westminster as she announced her plan to an unsuspecting public.
GBP/USD down about 0.55% from just before the announcement of May's statement. I am limbering up for a classic 2016 sterling spectacular. pic.twitter.com/dVTq3fnFge
— Mike Bird (@Birdyword) April 18, 2017
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And she said she planned to call the election to prevent "political game playing."
The last time a snap election was called with such short notice would have been in 18th September 1974 and were held on the 10th of October.
Mrs May has to get permission from the UK Parliament under the rule changes of the 2011 Fixed Term Parliaments Act.
This is a developing story check back for the latest updates…
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— Joe Weisenthal (@TheStalwart) April 18, 2017