UK Consumer Confidence Plummets Post-Election

Britain’s messy election outcome and a weakening of the housing market have caused a sharp of loss of confidence among consumers, leaving the country dependent on exports to avoid a recession, according to a survey published on Tuesday.

An index of consumer confidence produced by polling firm YouGov fell back to just above levels last seen just after last year’s shock referendum decision to leave the European Union.

“Our preliminary assessment is that economic growth will fall sharply over the coming months and the country will only be saved from recession by strong international trade,” said Douglas McWilliams, deputy chairman at the Centre for Economics and Business Research which produces the index with YouGov.

Reuters

USD/CAD Canadian Dollar Higher After US Durable Goods Disappoint

GBP/USD – Pound Inches Upwards, PM May Secures DUP Support

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.