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Pound rallies as investors await EU referendum result – business live

Discussion in 'Market News' started by Lily, Jun 23, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Markets around the globe are anxiously waiting to learn if Britain votes to leave the European Union

    7.43am BST

    City traders may actually struggle to get to their desks on time, given the torrential rain and flooding problems in London and the South East.

    Let’s hope they have understanding bosses.

    Abellio Greater Anglia, South West Trains and Southern all warning of major delays on certain routes because of the flooding.

    It's not raining as hard as it was an hour ago, at least. Still a cop armed with a mop inside. pic.twitter.com/LHIC6YLLYL

    7.41am BST

    Japan’s stock market had a decent enough day, closing more than one percent higher in the last session before Britain’s referendum.

    Markets in risk-on mode as smart money bets on Bremain. #Japan's Nikkei jumps 1.1% to 16238.35 but Yen unchg. pic.twitter.com/0UYp3kw81u

    7.39am BST

    Britain’s financial institutions have taken some pretty serious steps to protect themselves against volatile markets over the next few days.

    Our city editor Jill Treanor explains how investors will be setting up ‘war rooms’, ready to act as the referendum results start to come in....

    Major banks are preparing for two days of unprecedented uncertainty by stuffing cash machines full of money, placing senior bankers on high alert in emergency war rooms around the City and switching off computer-driven “black box” trading systems to avoid incurring huge losses in violent swings in shares, bonds and currency markets.

    With uncertainty about the precise moment the outcome of the EU referendumwill be known, dealing rooms are opening across the City on Thursday night and into Friday morning to allow trades to be executed for customers needing to respond to the results of the 382 polling areas as they start to be announced.

    Related: Banks on high alert as City sets up war rooms and fills cash machines

    7.35am BST

    Here’s a handy chart from the FT, showing how the pound has picked up:

    Sterling edges back as UK polls open https://t.co/WWlyi8FdyO

    7.30am BST

    Here’s our latest news story about the referendum:

    Related: Voting begins in EU referendum as polls say result too close to call

    7.27am BST

    Sterling has hit its highest level against the US dollar this year, as traders in Asia watched events in the UK.

    The pound hit $1.4844 against the US dollar for the first time in 2016, and is currently hovering around $1.48 in early London trading.

    A decision to leave the EU is bad for global risk sentiment, good for the yen, and bad for sterling, the Euro and higher-beta currencies particularly central and Eastern European ones.

    On a ‘Leave’ decision, we expect the pound to fall to $1.30-$1.35 quickly and we look for an eventual fall to $1.20-$1.25

    7.05am BST

    Good morning.

    Related: Voting begins in EU referendum as polls say result too close to call

    Related: Torrential rain and flooding in London and south-east on referendum day

    And also of note for #EUref, the weather is pretty awful so far today! Analysts have suggested this favours the Leave camp

    Continue reading...

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