January 24, 2020 / 9:53 AM / a month ago

Pound briefly bounces after better than expected survey data

FILE PHOTO: A two Euro coin is pictured next to an English ten Pound note in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration/File Photo

LONDON (Reuters) - The British pound extended its gains on Friday after surveys showed that British companies are enjoying their best month in more than a year, although the rally was brief as a potential Bank of England interest rate cut hangs in the balance.

Sterling rose as much as 0.3% to $1.3180 GBP=D3 before erasing those gains. It was last flat on the day at $1.3125.

Against the euro the pound strengthened to 83.90 pence EURGBP=D3 and was last up 0.2% to 84.12 pence.

British stocks .FTSE climbed higher after the purchasing managers index surveys for December came in better than economists had expected.

Reporting by Tommy Reggiori Wilkes; Editing by Saikat Chatterjee

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