The Confederation of British Industry (CBI) published its realized sales report this morning reflecting the turndown in consumer optimism and spending. The news comes only days after many nations reported a contraction in retail sales and consumer spending levels. Expectations were for mild growth in the index, but the actual figure came out with a reading of negative 2, signaling a contraction in spending at the wholesale and retail level.
The news has so far had little impact on the British pound, however, as most investors are focusing on flash services and manufacturing data out of the euro zone that is highlighting an impending dismal second quarter. The news only adds to the risk averse nature of today’s trading environment.
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