Corporate foreign exchange news

Pound finds support after BCC survey

Tuesday, 06 July 2010 19:47:56 GMT

Pound finds support after BCC survey
Published by Mark Smith-Halvorsen
The pound found support yesterday after a survey of members of the British Chambers of Commerce (BCC) suggested the UK economy is still growing.
According to the 5,600 businesses that took part in the study, the UK achieved growth of between 0.6 and 0.7 per cent in the second quarter of the year, although there were concerns about the resilience of the recovery.
"With very austere times ahead, no one should kid themselves into thinking that the UK's economic recovery is totally secure," said David Frost, director general of the BCC, speaking to the BBC.
Forex brokers will also today be looking ahead to the publication of the latest Nationwide consumer confidence index, which Forex Factory expects to show a one-point drop to 64 for June.
On Thursday, the Bank of England's Monetary Policy Committee will announce its latest official bank rate, as well as a statement on the use of its asset purchase facility.
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