Sterling moves sharply on confusing Brexit signals

Sterling’s fluctuations yesterday underscored how currency traders are becoming arbiters of the Brexit debate.

Sterling surged, then pared its advance, according to whether markets expected MPs to get to vote on the UK’s plan for quitting the EU.

Traditionally, it was the so-called bond vigilantes who effectively strong-armed nations, by pushing up borrowing costs when governments were seen to be losing fiscal discipline.