Courtesy of Mish.
UK prime minister Theresa May shocked the UK by calling for snap elections after stating just last month she would not do so.
In response, the British Pound soared.
The Labour Party is going to get smacked hard in the June election, and May will have free rein to do whatever she wants in the Brexit negotiations.
Snap Election Speech
Flash Crash to the Upside
The Wall Street Journal reports Sterling Soars After U.K.’s Theresa May Calls Early Election.
Deutsche Bank, analysts at which were among the most negative on the pound, referred to Ms. May’s announcement as a game-changer for sterling and dropped its two-year recommendation for clients to sell the currency. The pound had slumped before Mrs. May’s surprise announcement Tuesday morning in London, then rose sharply and leapt again in the evening.
Alan Ruskin, co-head of foreign exchange research at Deutsche Bank, described the late sudden move as a “flash crash to the upside,” with the pound surging higher “and briefly nobody on the other side.”
U-Turn
The Guardian reports General election 2017: poll suggests voters back Theresa May U-turn.
Theresa May has stunned her colleagues, commentators and the country by announcing that there will be a general election on 8 June. This means the public will be asked to take part in a major poll less than a year after the EU referendum. The next seven weeks will allow May, who became prime minister without winning an election and whose premiership until now has been dominated by Brexit, to set out in full her vision for the domestic policy. The campaign and the result are likely to have far-reaching consequences not just for government policy over the next five years, but for Brexit, for the Labour party and for the union with Scotland too.
Potential Landslide
