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PM plans to lay out path to lock-down exit next week

Hi everyone,

PM Johnson said yesterday that the country is past the peak of the pandemic and will next week set out a ‘comprehensive plan’ for reopening, but he warned against risks of a second spike. This news on top of month end flows saw Sterling move higher against most currencies yesterday but this morning has given up some of those gains. 

Most European markets are closed today, but the US and UK are open and we begin today with the UK's final release of the April manufacturing data. The date is due out this morning at 9:30am and a downward revision to that figure is exepcted by analysts. Later in the afternoon US April ISM manufacturing is expected to fall to around 36.4 from 49.1, as firms contend with supply-chain disruptions and weak demand as a result of Covid-19.


For next week attention will shift towards how the UK government could ease lock down restrictions and what affect it will have on the economy however a premature move risks a ‘second spike’ and a resurgence in fatalities. Unwinding the lock-down is therefore likely to be gradual, meaning a full return to normality may be some way off for the UK economy, expect more volatility next week off the back of the PM's lock down plans.

 

Upcoming Data

 

Friday, 1st May, 2020

 
09:30 UK - Consumer credit & mortgage approvals 
14:00 US - Employment, manufacturing & construction spending 

 

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