The British pound rocketed after Theresa May's statement
One of the most bearish pound speculators, who was predicting armaggedon for the British currency, has admitted he was blind sided by Prime Minister Theresa May's shock election call yesterday.
The Prime Minister's decision to make an announcement nine minutes than earlier planned paid off with an initial drop to the pound turning into a complete reversal.
The risky move sent the British currency rocketing eventually leading to a five-month high hitting $1.20 to $1.27 at the close of the market.
Today the members of Parliament will attend the House of Commons to vote on whether the British Prime Minister can call the election, a move that will drive currency markets today.
7.42am £ = $1.28 to USD / €1.19 EURO
Meanwhile in rUK sales are up, GDP up & GBP up against € & $. ������������ https://t.co/yjuCAkSHHG
— Robbie Graham (@Logic_Flawed) April 19, 2017
— moneygrows (@moneygrow) April 19, 2017
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— Foremost Currency (@4mostCurrency) April 19, 2017
Deutsche Bank has issued the following note this morning: “We argued last year that an early general election was the only way to resolve the political impasse the UK government faces in conducting Brexit negotiations.
"It makes the deadline to deliver a "clean" Brexit without a lengthy transitional arrangement by 2019 far less pressing given that no general election will be due the year after."
This is a developing story, check back for updates…