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GBP/USD Whipsaws After UK Consumer, Business Confidence Data

GBP/USD Whipsaws After UK Consumer, Business Confidence Data

Varun Jaitly,

Talking Points:

  • The British Pound fell slight before correcting higher following consumer confidence beat
  • Outlook for personal finances over the next 12 months saw increased confidence in index
  • UK consumer confidence also saw increased appetite for savings, index rose 2 points

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The British Pound fell slightly before correcting higher following better than expected consumer confidence figures for January from the GFK survey agency. Consumer confidence was reported at -5, coming in 3 index points stronger than expected and 2 points better than December.

An index tracking respondents’ personal finances over the previous 12 months rose to the highest level since August. Surveyed members also reported an increase in their outlook for personal finances in the year ahead.

On the other hand, a gauge measuringthe climate for major purchases decreased. Respondents have also shown an increased appetite for saving, with a measure of “saving intentions” increasing.

Lloyds Bank also released their business barometer index, which surveys roughly 300 companies in the UK. In January, the indicator fell 10 points to 29 from 39 in December, marking the largest monthly drawdown since August.

Looking ahead, this week brings a number of key events and releases, most notably the Bank of England’s rate decision and inflation report, which will be released at 12:00 GMT. The interest rate decision will also be followed by a press conference with the BOE’s Governor Mark Carney.

GBP/USD Whipsaws After UK Consumer, Business Confidence Data

Chart compiled using TradingView

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.