Pound jumps as UK manufacturing activity rebounds

The value of the pound has jumped after a survey indicated the UK's manufacturing sector rebounded sharply in August. The Markit/CIPS purchasing managers' index (PMI) for the sector rose to 53.3 in August from July's figure of 48.3. A figure above 50 indicates expansion. The weakening of the pound following the Brexit vote boosted exports, the survey found. However, it also indicated that the weak pound had pushed up firms' costs.

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