Photographer: Andrew Brookes/Getty Images/Cultura

Traders Bet Against the Pound as EU Vote Campaign Begins: Chart

As the U.K.’s European Union referendum campaign officially begins, options prices suggest traders are more pessimistic about sterling than any of its Group-of-10 peers. The net cost of three-month contracts hedging against sterling losses widened to as much as 4.79 percentage points this week, the most since Bloomberg began compiling risk-reversals data in 2003. Polls suggest the June 23 vote on whether Britain should stay in the EU could go either way.

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