Pound sterling surges

The Pound surges against the Euro currency

Sterling surged against the euro yesterday, as both EU referendum campaigns got back underway after last week’s pause. Having risen over 1.8%, the pound had its best single session since 2008.

Markets have been visibly stirred by a change in sentiment from Baroness Warsi as yesterday she opted to switch sides to the Remain campaign, along with yet another opinion poll, this time from Survation for The Mail on Sunday, which suggests Remain is back into the lead by three points.

As we start the morning, Sterling looks set for another strong day, with currency speculator George Soros warning that a Brexit would trigger a Sterling fall worse than Black Wednesday; comments which could swing sentiment.

After Sterling’s surge against the euro yesterday, GBP-USD followed suit, rising by 2% to levels not seen since the begining of May, and as we start this morning, the pair also look set for another strong day.

Written by Currencies Direct

Added by Dominic Swinfield CEO LLNH