Sterling Spikes As May Delivers Brexit Speech

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:

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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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