The Brexit vote has been gaining momentum in recent weeks, with polls showing more Brits leaning toward a leave vote. However, observers argued that momentum may have slowed after the U.K. temporarily suspended campaigning in response to the killing of British lawmaker Jo Cox ahead of the vote on June 23 – Cox backed the stay vote.
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According to Oddschecker calculations based on bookmakers’ quotes, odds on the U.K. leaving the union slipped as low as 36% after hitting a record 44% on Thursday, Bloomberg reports.
“The market turned, more than anything, because some of the hedge fund-embedded bets took an abrupt turn when the probabilities changed,” Jim Paulsen, chief investment strategist at Wells Capital Management Inc., told Bloomberg. “At a minimum, a move away from Brexit was augmented by the unfortunate incident when the British minister was shot. That suspended the hot debate, and if anything it seemed to mute some Brexit momentum.”
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United States Oil Fund