Friday, October 31, 2008

U.K. GfK Consumer Confidence Falls In October

U.K. GfK Consumer Confidence Falls In October

U.K. GfK Consumer Confidence Actual -32, Expected -35, Previous -32

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 for the month of October fell to -36 from a -32 reading in September, which analysts were expecting. The rating of the economic situation over the past 12 months fell to -72 from -62. The index rating for the next 12 months also fell to -37 from -40.

Forex Technical Reaction: The pound has not reacted to this news. Currently the pair is trading below the neutral pivot point at 1.6346.

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