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Briferendum Series: Latest polls and supports give wings to pound

After the killing of British Labour party MP Jo Cox, sentiment has taken a major turn towards stay according to the polls released since and supports have poured in from Europe this week favoring the stay in the European Union, which has led to a flying British sterling.

The Pound has turned out as the best-performing currency this week. The sterling is up 2.75 percent against the dollar, 2.2 percent against the Euro, 2.69 percent against Franc, and 3.26 percent against Yen. UK’s benchmark stock index, FTSE100 is up more than 2.5 percent this week. The pound is currently trading at 1.474 against the dollar.

Polls have taken a major shift from an exit to a remain in the final week heading into the referendum. A Survation poll on Saturday gave the stay camp 3 percentage points lead over exit and the YouGov poll on Sunday gave the camp seven points lead. ORB poll released on Monday gave the stay camp 7 percentage points lead but a YouGov poll on the same day gave 2 percentage points lead to the exit camp.

Several media houses, companies and leaders from Europe made passionate pleas to Britons to stay in the European Union saying, “Don’t Leave”, “Please Don’t Go”, “Proud to stand with you as a member of the European Union”, and so on.

The market is feeling that these passionate pleas could very well do the magic and on Friday, the sterling can be seen flying to test 1.6 area against the dollar.

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