The U.K. pound surged to a session high on Wednesday morning following better-than-expected jobs data and a business survey from the Bank of England that showed a muted impact from the country's decision to leave the EU.
Sterling climbed to 1.3157 against the U.S. dollar at around 10.00 am London time after trading near 1.308. The update from the country's central bank showed that business uncertainty had "risen markedly " following the EU referendum. However, it said a majority of firms spoken with did not expect a near-term impact from the result on their investment or staff hiring plans.
"As yet, there was no clear evidence of a sharp general slowing in activity," the report on Wednesday stated.
Meanwhile, unemployment in the U.K. nudged lower in the three months to May and hit its lowest level since late 2005, according to new data from the Office for National Statistics.
The jobless rate fell to 4.9 percent, lower than a Reuters estimate for 5.0 percent. Average weekly earnings rose 2.3 percent year-on-year in the three months to May, meeting estimates.