Europe

The Latest: Pound falls amid growing UK election speculation

  • FILE - In this file photo dated Wednesday March 29, 2017, Britain's Prime Minister Theresa May leaves 10 Downing Street on her way to parliament, London.  Theresa May is due to make an unexpected statement in Downing Street, Tuesday April 18, 2017, triggering widespread speculation about the reason for the statement. (AP Photo/ Alastair Grant, FILE)

    FILE - In this file photo dated Wednesday March 29, 2017, Britain's Prime Minister Theresa May leaves 10 Downing Street on her way to parliament, London. Theresa May is due to make an unexpected statement in Downing Street, Tuesday April 18, 2017, triggering widespread speculation about the reason for the statement. (AP Photo/ Alastair Grant, FILE)  (The Associated Press)

  • Britain's Prime Minister Theresa May arrives to speak to the media outside her official residence of 10 Downing Street in London, Tuesday April 18, 2017. (AP Photo/Alastair Grant)

    Britain's Prime Minister Theresa May arrives to speak to the media outside her official residence of 10 Downing Street in London, Tuesday April 18, 2017. (AP Photo/Alastair Grant)  (The Associated Press)

  • Britain's Prime Minister Theresa May speaks to the media outside her official residence of 10 Downing Street in London, Tuesday April 18, 2017. British Prime Minister Theresa May announced she will seek early election on June 8 (AP Photo/Alastair Grant)

    Britain's Prime Minister Theresa May speaks to the media outside her official residence of 10 Downing Street in London, Tuesday April 18, 2017. British Prime Minister Theresa May announced she will seek early election on June 8 (AP Photo/Alastair Grant)  (The Associated Press)

The Latest on the announcement that Prime Minister Theresa will make a surprise statement (all times local):

10:45 a.m.

The British pound has fallen amid mounting speculation that Prime Minister Theresa May is planning to call an early general election.

In the wake of an announcement that May will make an unexpected statement in Downing Street at 11:15 a.m. (1015GMT), the pound was down 0.3 percent at $1.2525.

May's office says she will speak after the weekly meeting of her Cabinet.

FXTM Vice President of Market Research, Jameel Ahmad says that "truth be told, nobody is really that aware of what is going on but this uncertainty has caused a reaction."

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10:30 a.m.

British Prime Minister Theresa May is due to make an unexpected statement in Downing Street, triggering speculation that she plans to call an early election.

May's office says she will speak at 11:15 a.m. (1015GMT) Tuesday, after the weekly meeting of her Cabinet.

Such statements are generally reserved for major news, such as resignations and election calls.

May, who took office in July after predecessor David Cameron stepped down, could be tempted to go to the polls to secure her own mandate as she negotiates Britain's withdrawal from the European Union.

But she has previously said she will stay in office until the next scheduled national election, in 2020.

Under Britain's Fixed-Term Parliaments Act, the prime minister can call an election if two-thirds of lawmakers vote for it.