Top 5 Things to Know In the Market on Monday

1. Pound soars 2% as Brexit fears start to fade
The pound rallied against the other major currencies on Monday as worries that the U.K. could vote to exit the European Union eased after weekend polls showing the Remain campaign is regaining ground ahead of Thursday’s referendum.

GBP/USD spiked 1.9% to a three-week high of 1.4633, extending its pullback from Thursday’s two-month trough of 1.4011.

The pound also posted strong gains against the yen, with GBP/JPY jumping 2.3% to 152.88, rebounding from the three-year lows of 145.37 set on Thursday.

2. Global stocks rally in risk-on trade
U.S. stock futures pointed to a sharply higher open on Monday, with the Dow futures up more than 200 points, as fears that Britain would vote to leave the European Union abated, aiding a recovery in investor risk appetite.

Elsewhere, European stock markets were broadly higher, with Germany’s DAX up 3% and London FTSE100 gaining 2.5%, as investors grew confident that the U.K. will vote to remain in European Union in a referendum later this week.

Earlier, Asian stocks gained across the board after weekend surveys showed a return in support for the U.K. to stay in the European Union.

3. Brent oil climbs back above $50
Oil prices rose sharply on Monday, with Brent futures climbing back above the $50-level as worries eased about the upcoming referendum in the U.K. on European Union membership.

Brent tacked on 85 cents, or 1.79%, to $50.02 a barrel, after hitting a daily high of $50.30, while U.S. crude rose 74 cents, or 1.52% to $49.30 during morning hours in New York.

4. Gold sinks after poll suggest U.K. will stay in EU
Gold futures were under pressure on Monday, retreating further from last week’s 22-month high as fears over a potential U.K. exit from the European Union temporarily eased.

Prices of the yellow metal fell to an intraday low of $1,282.30 a troy ounce. It last traded at $1,286.55, down $8.25, or 0.64%.

Last week, momentum appeared to be building for the campaign to leave the EU, sending gold to a high of $1,318.90, the most since August 2014.

5. Global bond yields recover from record lows
U.K. 10-year gilt yields surged 6.8 basis points, or 5.85%, to 1.212%, bouncing back from last week’s all-time low of 1.072%, as declining fears of a Brexit vote buoyed global market sentiment.

The shift in polls revived risk sentiment, which had been hard hit by fears that a vote to leave the EU would cause turmoil in global financial markets.

Meanwhile, German 10-year bonds advanced 3.6 basis points to 0.053%, after falling to a record-low -0.037% late last week, while the 10-year Japanese government bond yield also hovered significantly above a record low touched last week.

In the U.S., the Treasury 10-year note yield rose to as high as 1.67%, pulling back sharply from a four-year low of 1.518% plumbed last Thursday.