 The drop in European stocks and the foots yesterday and its rise in pre-market indications early this morning clearly demonstrates that we are not out of the woods regarding the Brexit referendum. Of course we are not. A UK poll yesterday showed 44% for remain, 45% leave or some overnight show that the remain camp has gained ground again. Yesterday the cable dropped suddenly as did stocks. This morning the cable was stronger again as are stocks. Besides that many wonder where the contradiction between the polls and the bookmaker odds are coming from. When one looks at the actual dynamics within the bookies and odd divergence emerges, Ladbrokes has received a higher quantity of bets to leave the EU but those making a punt on remain were placing higher and financially larger bets. The average stake on a bet on remain was 450 pounds compared to 75 pounds on a bet to leave. That might have in itself changed the probabilities bookmakers offer on their bets and that might have all together ordered how markets as a whole interpret the chances of a final referendum outcome. So when you look at actual positioning in the markets then you could go to sentiment of CMC markets and here you see like the basis of 50,000 clients worldwide that are position long or short in the euro versus the pounds sterling and if you look at the sentiment then you see that 35% are long the euro versus the pound which means only 35% bet that the pound will devalue which means that only 35% bet that UK will leave the EU. Despite all those reflections one fact remains clear we only know how about and we only know about the final referendum outcome when every vote has been counted of course which will be in the early hours on Friday morning. The governor of the Japanese Central Bank will be in an airplane flying to Switzerland when the poll results will be coming out so at least the probabilities of the Bank of Japan taking emergency steps on Friday morning have diminished. In the coming days there will be several meetings between global central bank presidents with the Bank of International Settlements which effectively is the central bank of central banks. All eurozone central bank presidents will hold a telephone conference on Friday morning and the ECB has pledged to stay in close contact with the Bank of England to intervene should that be necessary. So central banks stand ready to act in FX markets or wherever should the referendum results really call for it. In the end markets are poised to sudden spikes in the coming 40 trading hours so watch out and be mindful when you're taking positions in the markets. Good luck everyone.