Tesco sales are gaining momentum, the pound has hit a high for the year as voting begins in the UK’s EU referendum. FT Opening Quote, with commentary by City Editor Jonathan Guthrie, is your early Square Mile briefing. You can sign up for the full newsletter here. The moment of truth will come on Friday morning – a verdict with big implications for business that could change the lives of millions (roll of drums). Yes, tomorrow the Competition and Markets Authority will decide whether to set up a database of “disengaged customers” who can’t be bothered to switch energy supplier. That aside, there’s the small matter of the Brexit vote. Sterling hit a year high of .4844 in Asia earlier this morning in response to a couple of polls. Analysts believe risks are clustered on the downside, with sterling and stocks forecast to fall 10-20 per cent following a Leave victory. A gloomy outlook is supported by the comments of Standard & Poor’s chief sovereign ratings officer Moritz Kraemer in the German daily Bild. He said the UK could swiftly lose its AAA credit rating if Britons decide to quit the UK. The verdict will show whether we are a “nation of xenophobes or cowards”, according to one FT colleague. That’s a cynical view, but not a bad characterisation of the Leave and Remain campaigns. Tonight will be a night of coffee and pizza for many Forex and rates traders.
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Tesco sales are gaining momentum, the pound has hit a high for the year as voting begins in...