Sterling volatility spikes before key Brexit vote

LONDON: Daily expected swings in the British currency hit a two-week high on Tuesday before a series of votes including one that would give lawmakers the option to back a key parliamentary amendment that would effectively take a no-deal Brexit off the table.

Overnight implied volatility in the pound jumped to near 23 vol, its highest since Jan. 15, when British lawmakers defeated Prime Minister Theresa May's Brexit divorce deal by a crushing margin.