Economics
Pound Jumps Most Since Brexit Vote as May Prepares to Take Power
- Sterling rises to highest level in a week versus dollar
- ‘Way is clear’ for May to apply for Brexit: Commerzbank
Brexit’s Downward Pressure on the Pound
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The pound climbed the most since three days before Britain’s European Union referendum as Home Secretary Theresa May prepared to take over as the U.K.’s next prime minister, removing one layer of political uncertainty.
Sterling rose to its highest level in a week versus the dollar as investors digested the implications of the new premiership on the U.K.’s negotiations with the EU over its withdrawal from the bloc. May is poised to take office by Wednesday night London time, replacing David Cameron after her only rival pulled out of the Conservative leadership contest Monday. The FTSE 100 Index of shares touched an 11-month high.