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Sterling Spikes As May Delivers Brexit Speech

"I don't want to see the EU unravel"...

The beleaguered pound rallied sharply as Theresa May delivered her highly anticipated speech outlining the UK’s “clean” break with the EU.

Have a look:

piund

Sterling also soared agains the yen.

Here are the highlights of the PM’s speech:

  • Britain to be “a country that reaches beyond the borders of Europe too” and a “magnet for international talent.”
  • Britons voted Brexit “accepting the road ahead will be uncertain at times”
  • “I want Britain to be what we have the potential talent and ambition to be”
  • “Brexit was not a decision to turn inward and retreat from the world”
  • Britain is “profoundly internationalist,” more so than EU
  • In the U.K.’s “national interest that EU should succeed”
  • Govt will put final Brexit deal to vote in Parliament
  • Don’t want to see the EU unravel
  • EU “bends towards uniformity and not flexibility”
  • Predecessor David Cameron’s final renegotiation before Brexit vote was a “valiant final attempt to make it work for Britain”
  • Holding EU together by force, could “crush into tiny pieces what you want to protect”
  • “Brexit must mean control of the number of people that come to Britain from Europe and that’s what we will deliver.”
  • “Staying in the single market would mean to all intents and purposes not leaving the EU”
  • I want new deal with EU customs union

Conciliatory or not?

Sell the rumor, buy the news?

Algos gone wild? Squeeze?

Resistance is at 1.2317.

 

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