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    Brexit: Lead of the "remain" camp has narrowed - BBH Sandeep Kanihama

    Research Team at BBH, suggests that the UK referendum on June 23 is the most immediate political event while the opinion polls remain tight. Key Quotes “A couple of large bookmakers in London have tightened up their odds. The events markets also show the lead of the "remain" camp has narrowed.  Some observers suggest that the UEFA Euro2016 football championship that begins today will strengthen nationalist sentiment, which favors Brexit.  We'll have to see what happens when England plays Wales next week.  Brexit fears are thought to be a force weighing on bond yields, especially in Germany, Switzerland, Japan and the US.  In the currency market, some speculators have been selling euros for Swiss francs, and this may be a factor as well in supporting the yen.   Investors have been buying sterling puts and in so doing, have lifted implied volatility (one-month) to the highest since the Great Financial Crisis, while the premium being paid for puts (over calls) is at a record level.”

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