Chance Of Brexit Plummets Following Obama Intervention

REUTERS/Kevin Lamarque

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Jacob Bojesson Foreign Correspondent
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President Barack Obama’s Brexit intervention over the weekend appears to have been successful, with the chance of Brexit dropping to an all-time low, according to bookmakers and market experts.

Obama campaigned in London alongside British Prime Minister David Cameron to convince Britons to vote to remain in the European Union when they hit the polls June 24. The chance of Brexit went from an all-time high of 37 percent April 18, down to an all-time low of 26 percent Monday, according to aggregated odds from British bookmakers.

The value of the British pound responded to the new odds by reaching a six-week high against the Euro.

“The might of Obama’s public relations has helped [the pound] sterling reach highs against the euro, as odds swing against the Brexit campaign,” Tobias Davis, head of corporate treasury sales at Western Union, told Reuters.

Obama said it will take at least a decade for the United Kingdom to reach a new trade agreement with the U.S., which could swing undecided voters toward the remain camp.

A slight majority of Brits — 53 percent — still consider Obama’s visit inappropriate, according to a YouGov poll released Monday. The same poll shows that 72 percent of Brits think Obama has done a good job during his presidency.

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