U.K. Nationwide Consumer Confidence Rises To 55
U.K. Nationwide Consumer Confidence Rises To 55
U.K. Nationwide Consumer Confidence Actual 55, Expected 47, Previous 50
Release Explanation: Consumer confidence in the U.K. has been falling since September of 2007. There has been very little change to consumers’ views about the current situation, after last month’s sharp fall in comparison to the previous year. However, consumers have become far less upbeat about the future of the economy. More than half (53%) believe the economic situation will be worse in six months’ time – the highest number this year and 24% more than this time last year.
Trade Desk Thoughts: The consumer confidence for the U.K. seasonally adjusted rose to 55 despite analysts forecasts of a 47 reading. The expectation index led the rise, jumping from 59 to 69. The spending index also rose to 55 from a 53 reading while the present situation index declined to 35 from 39. Thursday, the Bank of England will be releasing their interest rate statement. Most analysts are expecting them to lower it to 4.00 percent amid the global financial crisis.
Forex Technical Reaction: The Cable has fallen to just above its neutral LFB pivot point at 1.5890 in the wake of this release.
Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com
TheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174.
The Copying, Broadcast, Republication or Redistribution of TheLFB Content is Expressly Prohibited Without the Prior Written Consent of LFB Services, LLC.
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Sorry, the comment form is closed at this time.