Stocks, Sterling Roiled as ‘Brexit’ Poll Unnerves

Investors received a sharp reality check this week after a new poll on the upcoming referendum in the U.K. highlighted that the vote might just be closer than many people were thinking.

With just an hour left of the trading session to go on Tuesday, two polls from U.K. newspaper The Guardian and public opinion researcher ICM suggested voters were split 52 percent – 48 percent in favor of the country leaving the European Union, a so-called “Brexit”.

The FTSE 100 quickly sank to 6,190 points from a level if 6,259 points on Tuesday. The London benchmark was also 0.7 percent lower in mid-morning trade on Wednesday. The pound was worth around $1.465 but also pushed lower to $1.448 and extended those losses on Wednesday morning.


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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam