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4/18/2017, 12:47 PM (Source: TeleTrader)
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Pound recovers after May calls for general election

Sterling turned to gains on Tuesday after United Kingdom Prime Minister Theresa May announced she would seek general election on June 8.

The premier stated she made the decision in order to put a stop to political "game-playing" in Westminster, with major parties opposing and sabotaging the government's plan for leaving the European Union. This division could jeopardize Brexit negotiations, May warned, adding that holding an early general election is the only way to prevent this.

The pound advanced 0.56% against the United States dollar to go for $1.26393 at 12:45 pm CET and added 0.4% compared to the euro, changing hands at €1.1855 at the same time. The currency gained 0.37% relative to the Swiss franc and 0.44% against the Japanese yen.

Breaking the News / IB