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Sterling Surges After UK PM May Appears To Back Away From 'Hard' Brexit

Following a 240 plunges in Cable today, the pound is frenetically bouncing in early Asian trading after Bloomberg reports that UK Prime Minister Theresa May has accepted that Parliament should be allowed to vote on Brexit (but in a way that gives her space to negotiate) but adding that there shouldn’t be an attempt to block Brexit. With the pound plummeting day after day, it appears a desperate effort to staunch the flow (and surge in implied inflationary pressure) prompted a modest concession by UK PM Theresa May away from her 'hard' Brexit call last week.
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