Trade Desk Thoughts - U.K. GfK Consumer Confidence

U.K. GfK Consumer Confidence Actual -32, Expected -39, Previous -36

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: The GfK consumer confidence saw a second consecutive rise during the first half of September. However, after the late market turmoil, GfK held an additional wave which showed that consumer confidence was back to August levels. The confidence of consumers in the U.K. is at levels not seen since the last recession that took place in 1990. The overall index has increased four points this month to -32, this is twenty-five points lower than this time last year.

Forex Technical Reaction: The pound has gained slightly off the back of this release, although the pair is finding support from its 20 day SMA at 1.8002.

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