money

The pound rose to a two-month high against the US dollar on Tuesday, following the release of far stronger-than-expected data on the UK services sector. The rebound in the figures suggests the UK will avoid recession, easing concerns that the Brexit vote will trigger a downturn. Most other data of late have indicated a bounce in UK economic confidence. The gains did not last for long, though: on Wednesday, Bank of England Governor Mark Carney hinted at further interest-rate cuts, spurring sterling to give up much of its gains.