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Sterling Recovers from Dip as Election Called
Sterling dropped around 80 points as the market was spooked by news that UK Prime Minister Teresa May was to make a major announcement imminently, Cable falling to 1.2515 from1.2585 in a matter of minutes. Prime Minister May has surprised by calling a snap general election for June 8 in the UK, however as the announcement was made Cable rebounded strongly to the 1.2575-80 level. Market sources say the initial dip was driven by rumours that May was going to announce her resignation, however the reality of an election has apparently been taken by investors as a sign the UK may have changed tack on Brexit and prompted the rebound.

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