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4/18/2017, 11:29 AM (Source: TeleTrader)
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Sterling falls on snap general election rumors

The British pound turned to losses on Tuesday after hitting an eight-week high following rumors that Prime Minister Theresa May could announce snap general elections later today.

Sources on Twitter reported that May is due to make an announcement at 12:15 pm CET, with investors betting that the British premier will call for a snap general election. However, Downing Street has already ruled out the possibility of a snap election, which led to speculations that May could actually announce her resignation on health grounds. The prime minister only makes such announcements when there is something important or serious to announce, media outlets claimed. 

Sterling lost 0.35% against the United States dollar to go for $1.2525 at 11:22 am CET and dropped 0.46% versus the euro, changing hands at €1.1753 at the same time. The currency lost 0.48% compared to the Swiss franc and 0.35% relative to the Japanese yen.

Breaking the News / IB