Forex Daily

More panic is seen from retailers after a report showing consumer confidence is down in fact the lowest since October 2005. Businesses don’t help with consumer confidence either.

The Bank of England announce that consumer lending has increased more than expected for the month of September 2007, 11.2 billion pounds to be exact as compared with only 9.6 billion pounds for August.

Experts certainly didn’t have this expectation and also saw some strange turns in the mortgage lending arena as mortgage approvals saw a drop.

Consumer credit in the UK is still increasing.

Banks are aiming to boost the suffering credit market by joining forces by buying up investments costing billions of dollars which lost their value after the credit market seized.

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Trade statements are positive from UK Retailers indicating their high levels of resilience in what has been a difficult market.

More than 60% of retailers who are listed on the London Stock Exchange present trading statements of a positive nature in the 3rd quarter.

The percentage is more than double the previous quarter. The non-food market did however indicate profit warnings.

The recent change in interest rates have made trading uncertain and consumer choice unpredictable, the UK retailers have stood their ground and it seems benefited even in the present financial climate.

According to the Australian Bureau of statistics a 0.7 percent rise in retail sales was seen in Australia for the month of August this year, bringing them to a total of 19.7 bn Australian dollars.

The rise is encouraging as initially a forecast increase of 0.3 percent was expected.