GBP/USD
takes a U-turn from 13-day top to 1.2565, down 0.25% on a day, while heading
into the London open on Friday. In doing so, the Cable fails to defy the broad
US dollar pullback amid renewed fears of the US-China trade war, as well as
Brexit/coronavirus (COVID-19) worries. Though, cautious sentiment ahead of UK
Manufacturing PMI checks the pair’s moves.
The
US dollar registers a comeback following the market’s rush to risk-safety amid
the growing concerns of another US-China trade-war season, backed by the recent
comments from US President Donald Trump.
The
UK PM Boris Johnson struck an upbeat tone during his first daily coronavirus
briefings after returning to the office. The Tory leader said to be past the
peak of the pandemic while sharing no key guidelines about the economy’s
re-open.
Elsewhere,
Brexit talks between the EU and the UK diplomats didn’t go well on Reuters as
Britain rejected another request from the bloc to open an official
representation in Belfast for customs officials to monitor shipments between
Great Britain and Northern Ireland, as per The Guardian. Even so, Tories are
hopeful of cracking a deal with the EU.
Furthermore,
the UK’s trade body Make the UK, said that the British Factory Output is at the
risk of halving due to the virus, per Reuters.
Moving
on, updates concerning the US-China trade deal, as well as virus/Brexit news, can
keep the Cable traders busy while the first revision of UK’s April month
Manufacturing PMI, expected 32.8 versus 32.9 initial forecasts, will occupy the
British calendar. For the US data, Manufacturing PMIs from the ISM and Markit
will be important to watch.
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