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Obama's words boost pound
Published on 23.04.2016 00:56

The pound finished the week strongly on Friday against the US dollar after more disappointing data out of America and US president Barack Obama’s support for Britain to remain in the Euro zone.

In an opinion that may have turned the tables on the upcoming Brexit vote Obama noted that the EU had been a boon for the local economy and urged voters to say yes on remaining within the block,

“As citizens of the United Kingdom take stock of their relationship with the EU, you should be proud that the EU has helped spread British values and practices – democracy, the rule of law, open markets – across the continent and to its periphery,” he wrote

“The US sees how your powerful voice in Europe ensures that Europe takes a strong stance in the world, and keeps the EU open, outward-looking, and closely linked to its allies on the other side of the Atlantic. So the US and the world need your outsized influence to continue – including within Europe” he added.

Obamas words are like to appeal to the younger generation of Brits, many of who were undecided before the president’s visit.

Most people waging a bet on Brexit are now backing the remain camp with over 90 percent of the bets being placed.

 

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Andrew Masters

Analyst

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