Market Extra: Why the snap U.K. election is a ‘game changer’ for the pound

First the pound was up, then it slumped, and finally it soared to a more than 10-week high: The British currency has been on a nerve-wracking roller-coaster ride since U.K. Prime Minister Theresa May said she wants to hold a general election in June.

“This morning’s announcement from PM May of a snap general election on the 8th June is in our view a game-changer for both the U.K.’s Brexit negotiations and sterling,” strategists at Deutsche Bank, said in a note.

“We have been structurally bearish on sterling for the last two years but are now changing view. We are closing out all our bearish FX trades.

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