March 12, 2019 / 9:19 AM / 11 days ago

Sterling overnight volatility at highest since June 2016

British Pound Sterling banknotes are seen in a counter machine at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger/File Photo

(Reuters) - Sterling implied volatility rose sharply on Tuesday as lawmakers prepared to vote on a divorce deal after Prime Minister Theresa May won last-minute assurances from the European Union.

Overnight volatility was bid at the highest since June 2016 around 25 vols. One-month vol was at the highest since mid-January having risen around 2.5 vols since the start of this month.

Implied volatility is a gauge of expected swings in a currency over a certain period.

Reporting by Sujata Rao and Richard Pace; editing by Tom Finn

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