British pound rallies amid Brexit slowdown
On Monday, the British pound went up because opinion surveys swung in favor of British voters will ing to remain in the European Union, thus underpinning risk sentiment bringing the safe-haven yen down.
The sterling soared 1.6%, trading at $1.4589, thus extending its revival from last Thursday’s two-month dip of $1.4013. it leapt more than 2% to about 152.65 yen, drifting away from Thursday’s three-year sag.
Market participants bucked up after three of six surveys published over the weekend revealed a shift towards keeping the UK in the European Union.
Financial analysts state that the survey findings are going to resonate today. Most probably the financial markets will see further advances for the British pound, some renewed weakening in the Japanese yen, not to mention a firmer Australian dollar.
Even before the latest surveys, data from the Commodity Futures Trading Commission published on Friday demonstrated that currency speculators cut their net short positions against the British pound during this week from a three-year peak last week.