Pound makes more gains as UK confidence grows

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The pound was 0.88 cent ahead at $1.6648 — its fourth daily rise against the greenback — and was up 0.68 cents at �1.1648, making a euro worth 85.82p.

It came after a survey by Nationwide showed UK consumers are more optimistic about the economy than for six months.Nationwide said its consumer confidence index rose two points to 53 last month — its highest reading since November — but warned sentiment remained "fragile". Chief economist Martin Gahbauer said: "It is important to remember that a number of sectors are continuing to contract, and any recovery is likely to be sluggish."

The Bank of England has cut interest rates to 0.5%, and last month extended its programme of quantitative easing by £50 billion to £125 billion to stimulate growth. It came after figures showed the economy shrank by 1.9% in the first quarter, the steepest fall in 30 years.

The Bank is not expected to take any further action tomorrow when its latest two-day meeting ends, but with 2009 likely to be the worst year since the Second World War, another extension of quantitative easing is expected over the summer.