UK consumer confidence at all-time low amid COVID slump – GfK survey
Fundamental Forex Analysis

UK consumer confidence at all-time low amid COVID slump – GfK survey

According to the latest survey conducted by GfK, a polling firm, the UK consumer confidence hit its lowest since 2009 in April, deteriorating for the second straight month, as the coronavirus outbreak is likely to have a devastating impact on the economy.

Key quotes

“Consumer confidence index held at -34 during the April 1-14 survey period, unchanged from the last survey for March 16-27 but still down very sharply from -9 earlier that month.

A measure of personal financial expectations for the year ahead rose from the previous survey two weeks ago but perceptions of how the economy has performed over the past 12 months fell.

A gauge of households’ willingness to make major purchases held steady.”

GfK’s client strategy director Joe Staton said: “It is impossible to say if this is at the bottom after weeks of adjustment to the reality of lockdown life, or if further falls are to come.”

GBP/USD firmer in Asia

GBP/USD posts small gains around 1.2350 in Asia so far this Friday, awaiting the release of the UK March Retail Sales report.

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