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The pound roars as Boris is raring

GBP/USD has been on the rise as coronavirus statistics have improved while PM Johnson’s decision on the lockdown tops the agenda for pound traders, NDDFX’s analyst Yohay Elam reports.

Key quotes

“The PM has expressed satisfaction from the progress in battling the disease but called for staying patient amid the risk of a second wave of infections. He promised updates in the next few days.”

“The social distancing measures are set to expire on May 7, but Conservative Party donors have reportedly pressured ministers to ease restrictions earlier. The demands come as the number of UK coronavirus cases has stabilized below 5,000 and hospital deaths are trending lower.”

“Michel Barnier, the EU’s Chief Negotiator expressed frustration from Britain’s positions on Brexit. Both sides have until the end of June to discuss an extension, yet Johnson has ruled that out so far. Will the coronavirus crisis change his mind? That may boost the pound.” 

“The spread of the illness is slowing down in the US, where several states are gradually easing stay-at-home orders despite warning that testing and contact tracing measures are ready for preventing new outbreaks. Nevertheless, the optimism is boosting sentiment and weighing on the safe-haven dollar.”

 

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