Sterling swung by between 1 and 2% against the euro and US dollar in the run-up and immediate aftermath of the Autumn Statement, but ultimately ended by stabilising at roughly where it started the day.
This all suggests that Hunt’s announcements met economists’ expectations. His dour tone, and the Office for Budget Responsibility’s economic forecast yesterday which confirmed that a recession lies ahead, looks to have cut through to the general public. This morning the GfK Consumer Confidence Survey is at -41. While this is close to a record low, it is a slight improvement on last month.
Retail sales remain positive, however, rising by 0.6% in October.
Next week is relatively quiet for data.
GBP/EUR past year
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