Just when you thought it couldn’t get uglier, a jaw-dropping event takes place. That is the situation in the UK and with the sterling.

Yesterday, after reaching 1.4 against the dollar, sterling rose sharply and within next few hours, it was trading 250 pips above. There was no event or macro data that could be associated with the rise in the sterling. However, there was a political news and there are strong rumors or talking that it is that news that could have ignited the run in the sterling.

Labour MP Jo Cox was shot three times and stabbed repeatedly by a 52-year-old man, locally known as Tommy Mair. The attacked was screaming “Britain first” while the attack. 41-year-old Cox, a mother of two children was a vocal supporter of Britain staying within the European Union.  The MP also has spoken vocally against the “racism and fascism” of Britain first, an anti-Islam right wing group. Cox was the first MP to be murdered since the death of Ian Gow, who was assassinated by the IRA in a car bomb outside his home in 1990. Both the stay and the exit camp suspended their campaigns at least for today to unite against the hatred.

There are talks in the market that her death is going to benefit the stay campaigners with less than a week left to the referendum.

Just when we thought, looking at the threatening letter received by Bank of England (BoE) governor Mark Carney that how uglier can it get; sterling just surprised by finding support in the death story.

The pound is currently trading at 1.425 against the dollar.