Sterling is refusing to budge after its snap election surge

LONDON —  The value of the British pound is barely budging from above $US1.28, nearly 24 hours after Prime Minister Theresa May confirmed that she will seek to hold a general election on June 8.

The pound against the US dollar, as of 7.40 a.m. GMT (2.40 a.m. ET), was trading in at $US1.2825 after initially surging from by more than 1.2% to $US1.2725 — its highest level since December 2016.

Here is the chart:

On Tuesday,  Prime Minister Theresa May called for an early general election. May announced that an election will take place in just six weeks’ time on June 8, saying it is in “the national interest” to do so.

The prime minister added that she would put a motion to parliament on Wednesday calling on MPs to vote in favour of a snap election. May said an election victory for the Conservatives would “guarantee certainty and stability for the years” and give her the public support to deliver her policies, including Britain’s imminent departure from the European Union.

And the polls are in line showing that Tories are set to win the election by a landslide victory.

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