May’s Expectation Management Spurs Pound Jump on Speech: Chart

Prime Minister Theresa May emerged from her big Brexit speech with a 2.9 percent rally in the pound, the best result she’s had yet with a set piece, even as she confirmed investors’ biggest concerns about her plans. After the U.K.’s Sunday papers spooked traders with their reports of a hard Brexit, May’s team released the most negative parts of the speech on Monday night. That let her add some reassurance on Tuesday with a pledge to seek a “phased” implementation and to give parliament a vote on the final deal.

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