Sterling jumps as business survey triggers unwinding of negative bets

>The pound jumped against the dollar on Wednesday, putting it on course for its strongest day since May, as stronger economic activity triggered an unwinding of negative bets against the currency. 
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>Signs of strength in the UK economy, combined with a weaker dollar, pushed sterling up 1 per cent to $1.334, its highest level for more than a month.
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>A closely watched survey showed on Wednesday that UK business activity expanded at a stronger pace than expected, painting a rosier picture of the country’s economy. 
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>The S&P Global UK Composite purchasing managers’ index for November came in at 51.2, compared with analysts’ expectations of 50.5. A reading above 50 indicates expansion in activity since the previous month.
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>With investors’ concerns ahead of last week’s Budget now eased, and with economic data suggesting a steadying of growth, there was “simply no need for markets to tread with caution, at least in the near term, with regards to GBP,” said Kamal Sharma, a G10 currency strategist at Bank of America.

“In a blow to Rachel Reeves the pound has got stronger and put the UK economy on track to potential recovery”