The GfK Group UK Consumer Confidence, strongest since start of COVID lockdown
British consumer confidence picked up in late June to its highest level since the country's coronavirus lockdown started in late March, according to the country's longest-running survey of household sentiment.
- The GfK Group UK Consumer Confidence arrived at -27 vs -30 prior.
GBP/USD in focus
Meanwhile, GBP/USD is flat on the session, taking a breather after being knocked down on Brexit fears.
Almost halfway through the transition period, there is not much to show from UK-EU negotiations and tomorrow's meeting between EU and UK top negotiators cancelled.
The news has been a weight on the pound, susceptible to risk-off flows in the malaise which is Brexit for markets and investors.
At the time of writing, GBP/USD is trading at 1.2468 after losing 70 pips in European and NY trade on Thursday.
Meanwhile, Boris Johnson has said now is the time to be "ambitious" about the UK's future, as he set out a post-coronavirus recovery plan.
The PM vowed to "use this moment" to fix longstanding economic problems and promised a £5bn "new deal" to build homes and infrastructure.
Plans set out in the Tory election manifesto would be speeded up and "intensified," he added.
Labour and the CBI said he was not focusing enough on saving jobs.
Labour leader Sir Keir Starmer said there was "not much of a deal and not much that's new".
Description of the GfK Group Consumer Confidence
The GfK Group Consumer Confidence is a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. Normally, a high reading is positive for the GBP, while a low reading is bearish.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
