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. in February came in at 43 despite analysts’ forecasts for a much lower 38 reading. The index rose by two points, this is the first rise seen since October, 2008. Consumers have shown that they are becoming more optimistic about future economic conditions. Meanwhile, consumer’s confidence in the present situation fell again for the eighth consecutive month. Also, more consumers are thinking that now is a good time to make large purchases. House prices have fallen and new car discounts are beginning to take effect. Either way, the increased optimism about the future of the U.K. economy is encouraging.
Forex Technical Reaction: The pound has been falling away from the neutral pivot point since the new trading day began.