Sterling Lower After Consumer Confidence at 3 Month Low

The pound is lower across the board this morning as Nationwide consumer confidence measure fell to a three month low, fueling concerns that economic recovery in the UK is indeed faltering.  Sterling is also at its lowest level against the USD in nearly two weeks as consumer confidence data has declined 2 points to a reading of 49 from June, the lowest reading since April of this year.  The dollar is higher against sterling as yesterday’s durable goods orders data printed higher than expected and calmed fears that the world’s largest economy is headed into a recession.  Additionally, the dollar is higher this morning as investors and market participants are increasingly betting that Ben Bernanke may not deliver any news on further quantitative easing measures in the United States during his speech tomorrow evening at the central bankers conference in Jackson Hole, Wyoming.  Expect the pound to remain under some pressure as concerns regarding the pace of recovery in the UK are putting downward pressure on sterling.