Today, voters in the United Kingdom will be voting on whether to leave or remain in the European Union in a ‘Yes’ or ‘No’ ballot. The move could end the 43-year old union between the Kingdom and the economic-political union. The EU referendum is also expected to have an effect on the market despite the turnout; i.e. leaving or remaining in the EU.
A Brexit result, i.e. The United Kingdom leaving the European Union; could weaken the British pound and would have an impact on the immigration control, jobs sector, and housing. A result of the UK’s withdrawal from the European Union could also weaken the Kingdom, economically and diplomatically, Prime Minister David Cameron said.
The Brexit debate has been in the market’s spotlight for the past few weeks and predicted to cause high volatility across the currency markets. There is expected to be an immediate reaction from central banks to stabilize markets this Thursday.
With HY Markets, you can monitor your trades closely as rapid developments circulating the ‘Brexit Vote’ continue to have an impact on the markets.