UK Consumer sentiment still deeply negative, but best in 17 months

<p>UK Consumer sentiment hit its highest level since January 2022</p><ul><li>headline confidence index rose for the fifth month in
a row to -24 in June from -27 in May</li><li>GfK's said consumers were showing "remarkable resilience" in the face of
price rises that have proven more enduring than initially
thought.
"If consumers continue to weather the current economic
storm, then this will provide a firm foundation for getting back
to growth," </li></ul><p>—-</p><p>On Thursday we had a whopping 50bp rate hike from the Bank of England:</p><ul><li><a href="https://www.forexlive.com/news/forexlive-european-fx-news-wrap-boe-surprises-with-50-bps-rate-hike-20230622/" target="_blank" rel="follow" data-article-link="true">ForexLive European FX news wrap: BOE surprises with 50 bps rate hike</a>:</li></ul><p>Analysts are expecting rates to rise even more:</p><ul><li><a href="https://www.forexlive.com/centralbank/goldman-sachs-now-sees-50-bps-bank-of-england-hike-in-august-20230622/" target="_blank" rel="follow" data-article-link="true">Goldman Sachs now sees 50 bps Bank of England hike in August</a></li><li><a href="https://www.forexlive.com/centralbank/jp-morgan-are-forecasting-another-50bp-of-bank-of-england-rate-hikes-20230622/" target="_blank" rel="follow" data-article-link="true">JP Morgan are forecasting another 75bp of Bank of England rate hikes</a></li><li><a href="https://www.forexlive.com/centralbank/deutsche-bank-forecast-bank-of-england-peak-rate-at-575-more-forceful-hikes-on-table-20230622/" target="_blank" rel="follow" data-article-link="true">Deutsche Bank forecast Bank of England peak rate at 5.75% – more 'forceful' hikes on table</a></li></ul><p>The GfK UK consumer confidence measure hit a record low of -49 in September of 2022</p>

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