Beyond U.K. assets, Brexit worries have recently spurred some hedging and repositioning of assets. Sliding yields in the German bund have been blamed in part, at least, on Brexit worries. Gold has moved higher as investors have picked it up while they drop euros. Other currencies, such as the Swiss franc and Danish krone, have benefited as well. Nomura said in a note Monday that some investors are adding to net short positions in both the pound and the euro in an effort to hedge against risk.
But there's still much complacency built into continental European assets. The euro is still up 3.6 percent against the dollar this year, and 6.6 percent against the pound. This despite cutting interest rates while the U.S. and U.K. have kept them on hold. A Brexit vote would be very damaging for the rest of the E.U. as well as the U.K., albeit perhaps not quite so quickly.
Just last week, billionaire investor George Soros suggested that a Brexit could be the spark for a wider breakdown of the E.U. Meanwhile, bond investor Bill Gross told CNBC's "Power Lunch" on Friday, "If Brexit wins, then fear gets into the marketplace and positions in terms of expectations for growth — anemic as it is in euroland — become threatened."
The pound fell far less on Friday against the euro than it did against the dollar off the back of the Independent poll. The euro also fell 1.5 percent against the dollar in the last 48 hours of last week — as if investors are finally realizing what a Brexit would mean for the eurozone itself.