Investors are growing more confident that the U.K. will vote to remain in the European Union, sending the pound and stocks higher.
Brits began voting at 2 a.m. ET on Thursday in a historic referendum on whether the U.K. should remain a member of the 28-nation bloc, or become the first country to leave.
By 11 a.m. ET, the pound was flat after earlier hitting $1.49 — its highest level against the U.S. currency since December 2015. The euro was edging up against the dollar, and European stock markets gained more than 1%.
Markets have been volatile during the referendum campaign, as investors have speculated about the impact a U.K. split from the EU could have on stocks and the economy.
The pound in particular has swung wildly in response to opinion polls. It has gained nearly 5% since hitting a low of $1.41 last week.
Two new surveys conducted Tuesday and Wednesday, but released Thursday, showed a lead for the remain camp, as does the average of the six most recent opinion polls.
A “barometer” of live betting odds published by the firm Ladbrokes put the chances of a vote to remain at 86%.
Immigration and the economy have been cited by voters as the main issues in their decision.
Campaigners for a British exit (Brexit) say the U.K. can only control immigration if it leaves the EU, which insists on free movement of people across the union. Campaigners for Britain to remain an EU member say walking out of the biggest free trade area in the world would do irreparable damage to the economy.
