Sterling, FTSE aided by bullish UK services survey

London - Sterling recovered some ground against the dollar on Wednesday after a survey of purchasing managers (PMI) in the British economy's dominant service sector came in better than expected.

The pound, under renewed pressure this week after a survey showed Scotland's nationalists gaining ground in their bid to secure independence next month, had hit seven-month lows in Asian trading earlier on Wednesday.

Wads of British pound sterling banknotes. Credit: REUTERS

Shortly after the PMI data, sterling was trading around 0.1 percent higher against the dollar at $1.6490 (R17.64).

Against the euro it was roughly flat at 79.75 pence.

Britain's FTSE 100 also extended morning gains after the data to hit its highest in more than 14 years. - Reuters