Corporate foreign exchange news
Foreign exchange update: Pound supported by confidence growth
Wednesday, 30 September 2009 09:22:14 GMT

Sterling climbed against the dollar on Wednesday (September 30th) after strong consumer confidence data from GfK NOP.According to the group's sentiment index, confidence climbed to its highest level since January 2008 in September, marking the biggest monthly jump seen since 1995.Meanwhile, a forward-looking gauge of confidence next year rose to 4, its highest point in more than a decade."Psychologically important is the fact that confidence in people's own personal finances for the next 12 months and confidence in the general economy over the next 12 months both moved into positive territory," said Nick Moon, Social Research managing director at GfK, in an emailed statement to Bloomberg.There was also bullish data from the Confederation of British Industry, with its latest poll showing that the number of retailers which recorded increased sales this month outstripped those seeing declines by three percentage points.Meanwhile, revised figures from the Office for National Statistics showed that the second quarter contraction totalled 0.6 per cent, less than previously estimated.

