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Sterling volatile after May’s speech

The euro is lower this morning as results from Italy pointed to a far messier than expected outcome, with a strong showing for anti-establishment parties and no groupings looking strong enough to form a stable government.

Prime Minister Theresa May urged the European Union on Friday to show more flexibility in talks on a future relationship after Brexit, saying Britain realised it could not get all it wanted but believed an ambitious trade deal was still possible.

In a much-anticipated speech, May set out ambitions for a tailor-made free trade deal that would include financial services and said Britain would aim for associate membership of EU regulators covering chemicals, medicines, and aerospace.

Sterling weakened on the back of her speech as uncertainty crept in.

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