The pound clawed back more of the ground lost following the referendum on European Union membership this morning after the release of strong services sector data. Markit’s Business Activity Index rebounded to 52.9 in August, from 47.4 in July, sending sterling up 0.3% to $1.333.
“Today’s improvements are in line with the string of robust economic figures we’ve seen throughout August,” he said. “But, while there is some reason for optimism today, it’s still too early to conclude that the UK has escaped the Brexit vote unscathed.”
[Source: Portfolio Adviser - by Alex Sebastian - September 5, 2016]