Spreadex Market Update
Spreadex Brexit update: FTSE and pound push ahead with gains on eve of referendum
The US open only helped solidify the day’s gains, the Dow Jones rising around 50 points after the bell despite having precious little to deal with in terms of data or region-specific news. The Eurozone indices in turn saw their morning growth widen, the DAX and CAC now up 0.7% and 0.5% respectively. Most notably the FTSE and pound saw a substantial increase in their earlier positions; the former is now up around half a percent higher, while the latter has surged 0.6% against the dollar, taking cable back near yesterday’s highs.
After a largely positive week of trading it will be interesting to see how investors behave on Thursday, when the anxiety over the referendum will potentially be at its most acute. Bar that super surge on Monday the markets have proved to be resistant to the kind of wild swings that could have been expected this week, a pattern that could very well extend into Thursday to create a purposefully dull day of trading as investors sit on the side-lines.
So, with people taking to the ballot boxes tomorrow, and the perception of polling still suffering from a case of post-general election scepticism, what kind of trends have the spread-betters seen in the run-up to the referendum? Well, while Spreadex has seen a late flurry of Leave bets, clients have been consistently putting their money behind Vote Remain in the last fortnight or so. In terms of vote share betting suggests anywhere up to 54% for Remain, a stark contrast to the majority of polls which have the two sides within 1% of each other, while clients seem to be opting for under 70% voter turnout, significantly less than the 84.6% seen for the Scottish referendum in 2014.
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