The Pound soared to a seven-week high against the dollar after data showed the UK services sector rebounded sharply in August, following a plunge in the immediate aftermath of the Brexit vote, Telegraph reports.
Manufacturing and construction data drove up the pound last week to a one-month high. Following the data release on Monday, September 5, the UK currency spiked by as much as 0.62pc to $1.3376 against the dollar, its highest level since July 15 when it touched $1.3481.
With Wall Street closed for the afternoon due to the US Labor Day break, the pound surrendered some of its gains, edging down to $1.3318 just before 6pm.
Ahead of the group’s inaugural investor day on September 15, analysts at Barclays decided to get “back on the horse”, hiking its rating to “overweight” from “equalweight”. The bank thinks current trading at uSwitch, the online price comparison site it acquired last year, is likely “strong” and will lead to potential consensus upgrades.
Andrew Ross, of Barclays, said: “ With changing retail energy prices, the environment for switching is good.”
After MoneySuperMarket’s home services division grew 53pc in the second quarter, the bank has modelled 20pc growth for uSwitch in the second half of the year.
The mid-cap company has evolved since its floatation more than two years ago, as it seeks to become a one-stop shop for property, providing services for utilities and mortgages as well.
