Markets Rally on Hopes UK Stays in EU but Pound to Remain Volatile

Global stocks surged on Monday as a new poll suggested the UK may remain in the EU, but one analyst warned of currency volatility ahead. 'We've seen the best day for the pound in eight years, so the market is putting its money where its mouth is,' said Michael Ingram, a market strategist with BGC Partners, based in London. 'Even if a remain vote is confirmed, the upside to sterling is probably not much beyond [one pound equaling $1.50].' On Monday, one pound equated to $1.47. That said, a Brexit is still a live possibility. Ingram said a vote to leave the EU could push the pound weaker against the dollar to $1.35 and he also pointed to various forecasts suggesting the pound may hit parity with the greenback following a Brexit. TheStreet's Scott Gamm reports from Wall Street.