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May's letter to Tusk, which she quoted from to parliament on
Wednesday, said Britain and the EU must work together to
minimize disruption and provide as much certainty as possible,
and that a deep, special partnership was in the best interests
of both sides.
Having earlier hit an eight-day low of $1.2377, sterling jumped
to $1.2478 after it was confirmed that the letter had been sent,
up from around $1.2448 beforehand and leaving the currency up
0.2 percent on the day.
"I think this is largely attributed to reducing one element of
uncertainty in the process of actually triggering Article 50 but
also the conciliatory tone in Prime Minister May's
statement...focusing on the partnership with the EU and
achieving a mutually beneficial relationship," said Alexandra
Russell-Oliver, a currency analyst at Caxton FX.
Sterling also hit day's highs against the euro.
Britain's FTSE 100 index - most of whose earnings are
denominated in other currencies - hit a session low after May
triggered Article 50, down 0.3 percent.
British mid-caps also fell, down 0.1 percent.
British government bond futures drifted higher, tracking German
Bunds, to touch a session high around 20 ticks up from Tuesday's
close.
(Reporting by Jemima Kelly; Additional reporting by Ritvik
Carvalho, Kit Rees and David Milliken)
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