Livesquawk reporting that May will be speaking from No:10 at 10.15GMT

According to BBC's political editor, the PM only calls these types of announcements when there's something important or serious to announce.

The rumour mill has gone into overdrive that it's going to be a snap general election.

The quid isn't fazed at all by the announcement but keep an eye as this hasn't hit the main wires yet.

Update: There goes the pound.

Bear in mind that a Downing Street has previously ruled out the possibility of a snap election so this could be any news. As always, the market will take the side of bad news not good news.

GBPUSD 15m chart