Strong currency moves two days before the EU Referendum
By Lee Chappell, Corporate Dealer
On Monday the FTSE 100 recorded its biggest one-day increase since February alongside Sterling gaining its biggest move in nearly 9 years against the Greenback. Investors didn’t take Sundays YouGov poll lightly, as GBP enjoyed a fruitful day clawing back recent weeks’ losses against most major currency pairings.
More voting data will be released this morning, which could undo all of sterling’s work on Monday, but signs do seem to suggest the Remain campaign have their noses in front. The price of oil made gains as the Leave voters appeared to trail, with Brent Crude moving above the $50 mark during yesterday’s trading as USD weakened from GBPs improvement.
The latest CEO backing the Remain camp is the London City Airport chief, declaring that airlines could lose automatic easy entrance to other European airports, and having restrictions on capacity and pricing.