Markets News

Sterling briefly gains after PM May sets departure date

LONDON, May 24 (Reuters) - Sterling briefly popped nearly half a percent against the dollar after British Prime Minister Theresa May said she would quit.

But the gains were short lived with the pound falling back towards the day’s lows against the dollar and the euro as she is likely to be succeeded by a Eurosceptic leader, potentially increasing the chances of a no-deal Brexit.

The pound was trading up 0.1 percent on the day at $1.2667 after briefy rising above $1.27 after her statement.

May set out a timetable for her departure: she will resign as Conservative Party leader on June 7 with a leadership contest in the following week. (Reporting by Saikat Chatterjee, Editing by Abhinav Ramnarayan)