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Sterling is refusing to budge after its snap election surge

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LONDON — The value of the British pound is barely budging from above $1.28, nearly 24 hours after Prime Minister Theresa May confirmed that she will seek to hold a general election on June 8.

By 11.00 a.m. BST (6.00 a.m. ET) on Wednesday sterling has moved down just 0.1% against the dollar on the day, having gained more than 2% during trading on Tuesday.

Here is the chart:

Commenting on the day’s movements, Kathleen Brooks of City Index writes in an email:

“GBP/USD is backing away from the 1.2860 high from earlier in the session today, but after a 300-point jump in read more >>>

Source:: BusinessInsider.Com

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