Trade Desk Thoughts - U.K. GfK Consumer Confidence

U.K. GfK Consumer Confidence Actual -36, Expected -41, Previous -39

Release Explanation: This is a survey that queries economic participants on their current and future expectations for the UK economy. The figure is released at the start of each month, making consumer confidence a timely measure of consumer sentiment now and in the immediate future. It helps to build a picture of the consumer’s mood towards the economy.

Trade Desk Thoughts: There has been a small improvement in the GfK consumer confidence reading from -39 to -36. This release is still 32 points lower than it was in August of 2007. This improvement can be attributed to several causes including lower commodity prices and a feeling from consumers that it just cannot get any worse.

Forex Technical Reaction: The sterling has lost approximately 15 pips since the release and is trading below the neutral pivot point.

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