020 7898 0500A dramatic day for the pound began with the news that the Prime Minister would be delivering an unexpected statement at 11:15 am yesterday morning. The pound responded by falling sharply from eight-week highs as speculation of an early general election grew.
After May announced she wanted to hold a snap general election on 8th June 2017, sterling quickly recovered against the US dollar. And when Jeremy Corbyn confirmed Labour would vote in favour, the pound surged to its highest level in more than two months.
Then, at around 2:00 pm, sterling extended its gains to hit its highest levels against the US dollar since last December. However, the rallying pound hits the value of multinational companies listed in the City, which has made the FTSE 100 fall by over 2.5%. That means the blue-chip index has suffered its biggest one-day fall since the Brexit vote.
