Consumer confidence for September came out overnight and was much better than expected. A negative figure still is not great for the U.K economy and the figure came out at -16 however major analysts were actually predicting a figure of -24.
Markets move on rumour as well as fact so the -24 figure would have been initially priced into the market hence the fact when the figure came out much better Sterling gained some good ground in early morning trading.
At the time of writing this markets seem to have stabled, however over the course of the day further losses against the Australian Dollar and New Zealand Dollar have been seen.
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Have a great day and thanks for reading!
Daniel Wright
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