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.

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