UK data – May Consumer confidence -17 (expected -18)

UK data – GfK Consumer Confidence for April 2024 comes in at -17

• expected -18, prior -19

Joe Staton, client strategy director at GfK:

• “All in all, consumers are clearly sensing that conditions
  are improving. This good result anticipates further growth in
  confidence in the months to come”

Not moving GBP.

—

Eyes now on the Uk election:

• UK’s Sunak calls a national election on July 4 as per earlier reports
• BOE cancels all public statements until after July 4 UK election
• Goldman Sachs expect a Bank of England 25bp rate cut in August (previously tipping June)
• JP Morgan on UK CPI (risk tilted to upside) say BoE may not be able to ease at all in 2024

The contest is Sunak vs. Starmer. It looks like Starmer has sealed his win already, he is so far ahead.