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Sterling edged higher against the US dollar this morning, as a rally on the FTSE and the release of upbeat UK economic surveys provided the currency with some support.
A report from the Institute of Chartered Accountants revealed that UK business confidence improved substantially in June; the institute's index of business confidence jumped to a reading of 4.8 at the end of June from -28.2 in March, the biggest increase in two years. In addition, the Confederation of British Industry (CBI) said the UK service sector could see a pick-up in activity in the months ahead. Both reports were cautious in their views, however.
