Jump to content

Where next for GBP as consumer confidence rises but inflation remains a challenge?


Recommended Posts

Despite UK consumer confidence rising to a 10-month high, the Gfk consumer confidence index shows that half of consumers are using savings to pay for everyday items and one in 10 are borrowing to survive.

 Jeremy Naylor | Writer, London | Publication date: Friday 24 February 2023

Consumer confidence rises

After recent signs of improvement in the UK economy, Gfk's headline Consumer Confidence Index has risen by more than expected to a 10-month high in the month of February.

The index increased to a -38 in February from a -45 the previous month. Economists had expected to give rise to a -43, now seven point increase. That's the biggest month-on-month improvement in almost two years.

But there is still a long way to go to the -7 recorded back in February 2020, just before the coronavirus pandemic hit back in 2020.

GBP/USD

If we look at what's happening at the moment with sterling, we can see there is a little bit of an uptick at the moment in sterling against the US dollar.

But the problem with this is the reason why we've seen sterling under pressure is really not recovered recently is because the cost of living crisis remains a challenge for UK consumers.

The survey out today shows that nearly half of consumers are now digging into their savings to cover essential costs and one in 10 are taking on debt to pay for essentials.

GBP/EUR

Quick update on where we are in terms of the move for sterling against the euro. Again, this downward pressure seems to be prevailing. We've got a little bit of gains for sterling at the moment against the euro, but broadly speaking, this is a trend which is a slow grind, lower for sterling against the European single currency.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Hi KoketsoIG, Thank you for the clarification on that. Cheers
    • Dear @millennium_falcon, Hey there! Thank you for reaching out. Just a heads-up, you can only have one API key for each environment, either live or demo. No third API key can be created.  Thanks, KoketsoIG
    • To clarify my understanding. From my Usecase, I have three separate programs all operating interdependently from one another. A program to subscribe to tic data on a number of Epics via the LightStream API, another to grab historic on a number of Epics via the REST API, and finally another to manage positions via the REST API. I need to do this on my demo account initially to get API code stabilized. The IG website specifically says that I need separate API key for each distinct program connecting to IG over REST or LightStream. So in my understanding it looks like I need three API keys all for the demo account. Am I missing something or have I misunderstood how to use these API keys? I am aware of the API request limits and this is why I assumed you need a key per program. Currently I have one API key for the demo account and cannot seem to add more keys to the demo account? I have looked at the FAQ and cannot see an answer for my query.
×
×
  • Create New...
us