Sterling rises further on EU referendum outlook

June 21, 2016 10:50 am Published by

Sterling rises further on EU referendum outlook

  • 21 June 2016
  • From the section Business

Picture of pound coins

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The pound has been tracking referendum campaign polling

The pound hit a seven week high on Tuesday, adding to Monday’s strong surge.

On Monday the pound jumped the most in a single day against the dollar in seven years.

The currency market has been reacting to polls which have recently suggested the Remain campaign gaining ground.

A short while ago the pound was up 0.36% at $1.479. Last week it was trading close to $1.41, its lowest level since early April.

Bookmaker Betfair and Ladbrokes show a 73% chance that the UK will vote to remain in the European Union.

On Friday Betfair was predicting a 65% chance of a British exit.

A vote to remain in the EU would reassure investors who were unsettled by the prospects of uncertainty caused by a vote to leave.

The pound had slid sharply over the course of last week, after polls appeared to indicate the Leave campaign was taking the lead.

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This post was written by FSB News