Reuters
Data showing British businesses recorded their fastest growth in activity in nearly a year helped the pound steady against the dollar on Tuesday, after touching its lowest in five months the day before, but it remained under pressure against the euro. European data was also better than expected and the common currency at one point rose 0.2% against the pound to 86.43 pence, matching its previous day's three-month high, though these moves also failed to hold. Euro/sterling has traded in a tight range for months, but broke out on Friday when the euro climbed 0.65% after Bank of England Deputy Governor Dave Ramsden said the risk of British inflation getting stuck too high had receded and it might prove weaker than the BoE's most recent forecasts.