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The pound has made strong gains against the dollar Pound sees biggest daily percentage gain since September 2008
(about 1 hour later)
The pound has jumped in value against the dollar, as traders reassess the likelihood of the UK leaving the European Union. The pound has jumped the most against the dollar in more than 7 years, as traders reassessed the likelihood of the UK leaving the European Union.
A short while ago, the pound was almost three cents higher against the dollar at $1.4645. The pound hit $1.4693, a rise of more than three cents, or 2.34%, the biggest one-day gain since 12 September 2008.
The bounce followed several polls over the weekend that suggested a very tight race, but that the Leave campaign may have lost a little momentum.The bounce followed several polls over the weekend that suggested a very tight race, but that the Leave campaign may have lost a little momentum.
The FTSE 100 also rose, with shares trading up 3.4% on Monday. The FTSE 100 also rose, with shares trading 3% higher on Monday.
Betfair, a firm that has taken in tens of millions of pounds in referendum-related bets, says the likelihood of a remain vote has risen from 65% on Friday to 72% on Monday.Betfair, a firm that has taken in tens of millions of pounds in referendum-related bets, says the likelihood of a remain vote has risen from 65% on Friday to 72% on Monday.
"The pause in the campaign seems to have lent crucial support to team Remain," said Kathleen Brooks, research director at Gain Capital."The pause in the campaign seems to have lent crucial support to team Remain," said Kathleen Brooks, research director at Gain Capital.
"The markets have always been more comfortable with the UK remaining in the European Union.""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.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.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 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 traders' bets against the pound had risen to the highest level in three years.That contrasted strongly to the first week of June, during which time traders' bets against the pound had risen to the highest level in three years.
However, analysts say there is likely to be more volatility this week.However, analysts say there is likely to be more volatility this week.
"Following the large sterling moves over last two days and limited risk premium priced in at this point, sterling now looks more vulnerable to negative surprise from the polls," ING strategist Petr Krpata said in a research note."Following the large sterling moves over last two days and limited risk premium priced in at this point, sterling now looks more vulnerable to negative surprise from the polls," ING strategist Petr Krpata said in a research note.
Brexit exposureBrexit exposure
Monday's shift in sentiment has boosted shares in banks and builders, which are seen as more vulnerable to damage if the UK votes to leave the EU.Monday's shift in sentiment has boosted shares in banks and builders, which are seen as more vulnerable to damage if the UK votes to leave the EU.
Shares in Royal Bank of Scotland were up more than 8% and Lloyds and Barclays both rose more than 5.5%. Shares in Lloyds Banking Group were up more than 7%, while Royal Bank of Scotland and Barclays both rose more than 6%.
Barratt and Taylor Wimpey, two of the UK's largest house builders, saw their shares jump around 6%.Barratt and Taylor Wimpey, two of the UK's largest house builders, saw their shares jump around 6%.
Oil prices rose slightly as well on Monday morning, with Brent crude trading up 0.7%, and currently hovering around the $50 a barrel mark, at $49.90. Oil prices rose as well on Monday, with Brent crude trading up more than 2%, and currently hovering around the $50 a barrel mark, at $50.23.