Sterling shoots higher following Carney comments and another opinion poll release...

Yet another opinion poll has been released displaying a considerable lead for the 'Remain' campaign. Yesterday's ORB poll, released via the Telegraph newspaper, indicated a 55% vs. 42% majority for 'Remain'.

This adds to last week's opinion poll and builds the bigger picture that an exit from the EU is progressively looking less likely. Opinion polls should generally be taken with a pinch of salt, however, the strong margin and trend in favour of a vote to stay will definitely fill the 'IN' campaign with confidence. After the poll results were officially released circa 08:30am yesterday morning, sterling began its climb higher. 

Yesterday at 1030, Mark Carney and colleagues began a parliamentary select committee hearing, focusing on the most recent inflation report. Two comments gave sterling a further reason to rally, Carney disagreed with the Treasury's comments on inflation in the case of a 'Brexit' and also confirmed, if this were to happen, the Bank of England would do all that was in their power to keep markets functional and orderly. Carney's confident and soothing comments allowed GBP to take another leg higher.

Once again, further progress was made against the euro than the US dollar with sterling gaining 1.6% and 1% respectively. With markets now beginning to believe a 'Brexit' is unlikely, it brings up the ugly question of just how much of a vote to stay is already priced, in with the famous financial market term springing to mind - buy the rumour, sell the fact.

The major event on today's economic calendar is an interest rate decision from the Bank of Canada. After a bout of strength derived from a rise in the price of oil the  Canadian dollar has taken a break and given back a portion of its recent gains. Today's meeting could extent the Loonie’s losses or put it back on track.

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Blog submitted by: Alex for The French Property Network - Cle France.

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