Sterling’s fortunes diverged yesterday, crashing to a five-month low against the euro, but strengthening overall against the US dollar after a topsy-turvy day.
It’s been all downhill this morning, however, following two new data releases. GfK Consumer Confidence dropped to -30, its lowest level since March, and far worse than expectations. Retail sales also fell, by 0.9% in September, with non-food sales particularly hit by warmer weather.
Turning to next week, the last of a long string of important economic reports from the Office for National Statistics comes out on Tuesday, with unemployment. On the same day there will be flash readings for the Purchasing Managers’ Index (PMI).
GBP/EUR past year
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