UK data – GfK Consumer Confidence dropped to its lowest level in over a year

GfK Consumer Confidence data for the UK in January 2024 plunged to -22, its worst in a year

• expected -18, prior -17
• the sharpest December-to-January decline since 2011

The GfK survey is not adjusted for seasonal factors

• it typically declines in January, but this drop was more pronounced than usual
• all five components of the index fell

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ps. The Bank of England is widely expected to cut interest rates at its next meeting on February 6.

This article was written by Eamonn Sheridan at www.forexlive.com.