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Greenback comeback amid souring US-Sino relations, PMIs eyed

Markets have taken a pause after rising on Wednesday, with the dollar rebounding from the lows. Gold is gradually declining while oil prices are holding up. Coronavirus statistics are encouraging all over the world, despite cases touching the five million mark. The economic recovery is long.

China is ramping efforts to become technologically independent from foreign providers, another step in the decoupling.

The Federal Reserve’s meeting minutes consisted of few novelties after several days of speeches from officials. Members considered performance-based or time-based forward-guidance. There was no mention of negative interest rates.

Vaccine?: Further details about Mdoerna’s potential coronavirus immunization and other efforts are awaited. News about a breakthrough lifted stocks early in the week.

Eurozone: Markit’s preliminary Purchasing Managers’ Indexes for May are projected to show rebounds in services sectors as economies open up, yet a mixed picture in manufacturing ones. All the PMIs carry expectations of remaining below 40, well below the 50-point threshold separating expansion and contraction. France and Germany are off today.

GBP/USD remains on the back foot after Andrew Bailey, Governor of the Bank of England, said that setting negative rates is “actively under review.” He added that his position on the topic changed during the pandemic. The government sold new bonds with sub-zero returns on Wednesday.

Brexit talks remain stuck as the deadline for extending the transition period is ticking down. EU Chief Negotiator Michel Barnier lashed back at his British counterpart David Frost, saying the recent tone undermines confidence. UK preliminary PMIs are also forecast to bounce from the extreme lows, especially the all-important services sector.

https://www.fxstreet.com/news/forex-today-greenback-comeback-amid-souring-us-sino-relations-pmis-eyed-202005210529

According to Trading Central (3rd party RIA) the GBPUSD short positions below 1.2440 with targets at 1.1950 & 1.1685 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10747743

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.1950
1€ 3,709.06€ 1,854.53€ 2,189.76
5€ 18,545.31€ 37,090.61€ 10,948.80
10€ 37,090.61€ 74,181.22€ 21,897.60
25€ 92,726.53€ 185,453.06€ 54,744.00
50€ 185,453.06€ 370,906.12€ 109,488.00

According to Trading Central (3rd party RIA) the EURGBP is long positions above 0.8749 with targets at 0.9199 & 0.9324 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10746153

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 0.9199
1€ 3,333.33€ 1,666.67€ 2,435.94
5€ 16,666.67€ 33,333.33€ 12,179.69
10€ 33,333.33€ 66,666.67€ 24,359.37
25€ 83,333.33€ 166,666.67€ 60,898.43
50€ 166,666.67€ 333,333.33€ 121,796.85

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