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Article / 22 June 2016 at 1:59 GMT

Brexit: Sterling shakey as poll shows wafer-thin 'stay' camp lead

APAC Sales Trading Desk / Saxo Capital Markets
  • Choppiness in the polls and in GBP rolls on
  • David Beckham announces he will vote to stay in the EU
  • Beckham announces says Europe needs to play together to succeed
  • Mining shares reacted to a jump in Chinese copper exports

Pound reacts to choppy polls

The choppiness in the polls and in GBP continue with the latest poll showing a very close call pushed GBP back to the 200 day moving average attempting to break that important level yesterday.

The latest poll from IG/Survation showed the stay camp on 45% of the vote, just one percentage point ahead of the leave camp on 44%.

 Better together ... Star UK footballer and "stay" camp supporter David Beckham says team Europe needs to play together to succeed. Photo: iStock

It will be interesting to see if we will go back to the previous range of 100 day-200 day MA just before the final vote. Hold tight, the pain of reading random polls every day is almost over!

In volatilities, the vol curve rallied back on the back of the latest poll, with not much trading in the market and super wide prices.

Rates rally

Rates continued to rally ahead of the Brexit vote, reversing the previous strong selloff in rates. There will be more to go as an initial reaction if the remain camp wins.

Miners suffer

It was a very quiet day on  the FTSE on Tuesday. Mining stocks were among the biggest laggards as jitters returned to the sector after Chinese copper exports in May surged by 256% on the year, triggering concerns about global oversupply.

Shares in Anglo American dropped 1.7% to 658.3pence, Glencore lost 0.2% to 146.1p, BHP Billiton fell 0.5% to 847.7p, Antofagasta slipped 0.2% to 433p and Rio Tinto shed 0.4% to £20.32.

Sporting support

David Beckham announces he will vote to stay in the EU, and his wife Victoria says she Is 'Proud' of his decision. The famous footballer and national treasure said Europe is a team and it needs to play together to succeed.

Sometimes, we don’t need to go too complicated or be a philosopher: Just think of Europe as a football team with a lot of weak players and some substitutes waiting on the side. The problem now is to find the coach! But it’s still a team.

– Edited by Robert Ryan

For trade strategies, comments and research regarding the UK referendum on staying in the European Union, please see


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