GBP/USD Whipsaws After UK Consumer, Business Confidence Data
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GBP/USD Whipsaws After UK Consumer, Business Confidence Data

DailyFX.com -

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 str onger 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 measuring the climate for major purchases decrease d . R espondents have also shown an increased appetite for saving, with a measure of "saving intentions" increasing.

Lloyds B ank 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, t his 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

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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