Archived IMT (2009.10.21)

STERLING EXTENDS GAINS after the BoE minutes show unanimous vote to maintain QE at 175 billion. Noting that QE has boosted asset prices and money supply growth substantially, the minutes may suggest that further QE beyond November is not yet a done deal. GBPUSD WEEKLY targets the right shoulder at $1.67 after breaking $1.65. Oct CBI Survey due at 10:00 GMT (exp -45, prev -48). Any improvement in the survey could further boost cable towards $1.66 and GBPCAD towards 1.7630 from current 1.7380. CAD still struggles across the board following yesterday's remarks from the Bank of Canada.