Sterling Rises to Record 2016 High During Brexit Vote

The United Kingdom’s sterling rose to a record level for 2016 while British voters headed to Brexit polling stations on Thursday.

The pound’s performance has been directly tied to poll results about whether Britain will vote to remain in or leave the European Union, with markets taking hits when the Leave camp is shown in the lead. The most recent poll results that showed Remain pulling slightly ahead may have inspired confidence and boosted the U.K. currency, Reuters reports.

The pound climbed to its peak this year of $1.4847 overnight, up 0.3 percent. World stocks also rose for the fifth day in a row, though the financial industry has been concerned about global ramifications if the Leave camp prevails.

Read more: Why the Brexit Vote Matters for the Global Economy

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“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,” Societe Generale strategist Alvin Tan told Reuters.

[Reuters]

Write to Julia Zorthian at julia.zorthian@time.com.