Currency Note Sterling

Poll in favour of Brexit weakens sterling

By Michael Cooper June 1st, 2016

A largely quiet day for sterling saw little movement in the markets until the release of a new poll showed a jump in support for the campaign for Britain to leave the EU following the June 23rd referendum. With the Guardian’s latest poll putting the race at 52%-48% in favour of leaving the EU, sterling slumped against the majority of its major trading partners on Tuesday afternoon. Sterling has enjoyed recent strength, with a number of investors viewing the referendum as a foregone conclusion. Tuesday’s poll, however, will have cast doubt over the result and demonstrates that markets will remain volatile as we approach the referendum.

Investors will today await any further Brexit news to further inform their opinions on the UK economic climate, whilst purchasing managers’ index (PMI) data from the manufacturing industry will provide another key insight into the UK’s recent economic performance.

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.