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Pound surges against the dollar amid signs of Remain campaign fightback

Published 20/06/2016

The pound rose 1.49% to 1.45 US dollars
The pound rose 1.49% to 1.45 US dollars

Sterling has risen sharply against the dollar as opinion polls begin to point towards Britain remaining in the European Union.

The pound rose 1.49% against the greenback to 1.45 US dollars on Monday morning, bouncing back from last week's losses.

Investors are feeling more bullish after the first opinion polls since the murder of Labour MP Jo Cox suggest the Remain campaign is mounting a fightback following a two-day suspension in campaigning.

Kathleen Brooks, research director at Gain Capital, said: "The pound has gapped higher at the start of this week's trading session after the latest EU referendum opinion poll suggested a loss of support for the Leave camp.

"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."

Volatility in the pound has already surged to levels not seen since the financial crisis and sterling is set for a rocky ride this week.

Bookmaker Betfair also said the probability of a remain vote has risen to 72%, up from Friday's 65%.

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