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Sterling Climbs After Javid Ousted as Chancellor

By Peter Nurse - Sterling climbed sharply after the shock resignation of Sajid Javid as Chancellor of the Exchequer, the U.K.'s chief finance official.

At 07:15 AM ET (1215 GMT), GBP/USD traded 0.4% higher at $1.3016, the first time this pair has been above $1.30 since the beginning of February. EUR/GBP dropped 0.6% to 0.8338.

Javid's departure has stunned Westminster on a day when there were expectations of only a moderate shake-up of Boris Johnson's government. He had been due to deliver his first annual budget in four weeks' time.

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