GBP/USD: Boris' return does not unlock the pound weakness

GBP/USD has been on the back foot amid weak UK data and the gloomy market mood. Speculation about extending lockdowns and US figures are on the agenda, FXStreet’s Yohay Elam briefs.

Key quotes

“PM Boris Johnson has been recovering from coronavirus in Chequers and is set to return to Downing Street, overseeing the crisis management and devising a plan for exiting the lockdown.” 

“Retail sales plunged by 5.1% in March, worse than expected. Friday's publication joins the plunge in the Services Purchasing Managers' Index for April, which plummeted to 12.3 – the lowest on record.” 

“The pound has been struggling with UK figures and rising amid similarly gloomy American data, as the safe-haven dollar gains when the mood worsens.” 

“Durable Goods Orders statistics for March are forecast to plunge, showing a drop in investment while Final Consumer Sentiment figures from the University of Michigan have the final word of the week, and they will compete for updated COVID-19 updates for attention.”