Corporate foreign exchange news
Forex market news: Pound stance neutral
Monday, 19 October 2009 09:40:04 GMT

Foreign exchange analysis site Daily FX has offered a neutral outlook on the pound for the coming week, with upcoming Q3 gross domestic product (GDP) figures expected to play a pivotal role in the currency's trading direction.In last week's trading, the pound surged on the back of a statement from the Bank of England's markets director Paul Fisher, who told the Financial Times that policymakers are reluctant to increase the scope of the asset purchase programme, which currently stands at £175 billion."Just to give some perspective as to the strength of this rally, the sterling set its biggest one-day advance against its primary counterpart (the euro) in eight months," said Daily FX analyst John Kicklighter.Many traders had anticipated that the Bank would increase the controversial quantitative easing programme this month after a slew of weak economic data emerged.However, the group vowed to keep the programme on hold for a second consecutive month, having increased the scheme by £25 billion in August.

