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 February fell to -35 from a -37 reading in January. Confidence in the U.K. that this current economic situation will be over in the next 12 months has risen 8 points, while confidence in the personal household finances has increased by 6 points. Overall, consumer confidence remains delicate even though it is off the January low. The report also showed that a growing number of consumers feel that things will be better by this time next year.
Forex Technical Reaction: The pound has not reacted significantly to this news as the pair fades to the neutral pivot point on low volume.