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The pound has made strong gains against the dollar The pound has made strong gains against the dollar
(about 2 hours later)
The pound has strengthened sharply against the dollar in early trading, bouncing back from last week's losses.The pound has strengthened sharply against the dollar in early trading, bouncing back from last week's losses.
A short while ago sterling was up 1.6% against the dollar at $1.459. A short while ago the pound was more than two cents higher against the dollar at $1.4595 and at one point was trading as high as $1.4621.
Polls over the weekend suggested a shift towards a vote to remain in the European Union. Traders are reacting to the latest polls which indicate a shift towards a vote to stay in the European Union. But the picture remains unclear.
The pound fell sharply last week after polls appeared to indicate the Leave campaign taking the lead. But traders say the market is likely to remain volatile in the coming days. The FTSE 100 also opened strongly, with shares trading up 2.37% on Monday.
"I don't think these moves are sustainable because nobody can forecast what will happen," said Masashi Murata, senior currency strategist at Brown Brothers Harriman in Tokyo. The bounce followed several polls over the weekend that suggested a vote to remain in the European Union looked increasingly likely.
Kathleen Brooks, research director at Gain Capital, said: "The pause in the campaign seems to have lent crucial support to team Remain, with only four days to go until the vote. The markets have always been more comfortable with the UK remaining in the European Union."
The pound had fallen sharply over the course of last week, after polls appeared to indicate the Leave campaign was taking the lead.
But figures from the Commodity Futures Trading Commission, a US markets regulator, suggested a broader change in trading sentiment by Friday.
That data indicated that by the end of last week currency speculators had began to back the pound again by reducing their bets against the currency.
That contrasted strongly to the first week of June, during which time trader's bets against the pound had risen to the highest level in three years.
Brexit exposure
Oil prices have risen as well, with Brent crude trading up 2.2%, back above $50 a barrel, at $50.25.
Monday's shift in sentiment has also boosted shares in banks and builders, which are seen as more vulnerable to damage if the UK votes to leave the European Union.
Shares in Royal Bank of Scotland are up almost 8%, and Lloyds and Barclays are both rising more than 5%.
Barratt and Taylor Wimpey, two of the UK's largest house builders, saw their shares jump more 6% on Monday morning.
However analysts say the market is likely to remain volatile before Thursday's vote.