UK pound rises to record 2016 high during Brexit vote
The British pound rose to a record level for 2016 as voters in the UK headed to polling stations on Thursday to vote if Britain should remain or leave the European Union (EU).
Global stocks also rallied as investors bet British voters were likely to vote to remain in the EU.
The pound’s performance has been directly tied to Brexit poll results about whether Britain will vote to exit or remain in the bloc.
"The markets are the best judge of what is going to happen, and they are saying that Britain will remain. The key is the strong jump in the pound," said Peter Cardillo, chief market economist at First Standard Financial in New York.
The pound sterling, the official currency of the United Kingdom, climbed to its 2016 peak on Thursday morning, up 0.7 percent at $1.48.
“You look at the markets and they are expecting a remain win, cable (sterling/dollar) at above $1.48 at one point this morning tells you it all,” said Societe Generale strategist Alvin Tan.
Polling stations opened at 6:00 GMT (7:00 a.m.) on Thursday, allowing more than 46 million eligible Britons to cast their ballots in the vote that has deeply polarized the country and caused heated debates and disputes both within the UK and across the English Channel in Europe, especially over the past few weeks.
Polls are set to close at 21:00 GMT (10:00 p.m.) and most of the results are expected by 3:00 GMT on Friday.
Voters are presented with one question, "Should the United Kingdom remain a member of the European Union or leave the European Union?"
They will have two possible answers: "Remain a member of the European Union" or "Leave the European Union."
English, Scottish, Irish and Commonwealth citizens over the age of 18 who live in Britain, as well as citizens of Gibraltar, are all eligible to vote after registration.
Final results of the Brexit referendum are expected on Friday.
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