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U.K. Nationwide Consumer Confidence Weakens as Job Losses Mount

Published 12/31/2000, 07:00 PM
Updated 02/03/2009, 08:08 PM


 
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 Nationwide Consumer Confidence a timely measure of consumer sentiment now and in the immediate future.
 
Trade Desk Thoughts: The consumer confidence for the U.K. fell in January to 40 despite analysts forecasts for a 45 reading. This is the lowest reading since the survey began in May of 2004. There are serious concerns over the economy after further reports of job losses, and this is clearly affecting the views consumers have on the present and future economic situation. The outlook for employment and the economy have also fallen to record lows, although the household spending sentiment came in at a steady 83 which is the highest reading since September of 2007.
 
Forex Technical Reaction: The pound has been working its way to the neutral pivot point since the start of the new trading day. The pair is currently trading at 1.4388

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