Sterling on Course for Best Day Since 2008 after May Speech

(Reuters) – Sterling saw its biggest gains since the 2008 financial crisis on Tuesday as Prime Minister Theresa May promised a parliamentary vote on Britain’s deal to leave the EU and said it would seek to stay a key European partner.

The pound, already up more than 1 percent as May began a keenly-awaited speech that had been extensively leaked to media, surged 2.5 percent on the day to a 10-day high of $1.2343 in the minutes that followed.

It gained more than 1.5 percent to 86.69 pence per euro, with dealers reporting a widespread squeeze on short positions – or bets against sterling – taken in derivatives markets in the past few days.

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