STERLING SPARKLES AS UK BUSINESS ACTIVITY OVERTAKES EURO ZONE

The pound was one of the standout performers against the dollar on Wednesday, after a survey showed business activity in the UK is outpacing that of major European economies, thereby adding to the case for British rates to stay higher for longer.

The preliminary S&P Global/CIPS UK Composite PMI, which spans services and manufacturing firms, rose to a seven-month high of 52.5 in January, up from December's 52.1 and above forecasts for a slightly smaller increase to 52.2.

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