GBP confirms worst week of the year as........>

FOREX: GBP confirms worst week of the year as Brexit talks collapse

-GBP was (again) the worst performer in G10FX Friday, cementing the sharpest

drop for GBP/USD of the year, as compromise talks held between PM May's

government and the opposition Labour party collapsed. This leaves the Brexit

deal with very little chance of passing when it crosses the Commons in the week

beginning June 3rd. Bears now eye the 76.4% Fib retracement level at $1.2663 for

support.

-CNH remained weak, with USD/CNH bumping along just under the 6.95 mark as clear

friction remains between the Chinese and US negotiating teams. While trade

tensions with China remain high, US lifted tariffs on steel and aluminium levied

against Canada and Mexico, helping give a leg up to CAD and MXN ahead of the

close. The USD gained against most others, with the DXY looking to close at

multi-week highs.

-Attention turns to Japanese GDP, US consumer confidence, UK inflation & retail

sales, Fed and RBA minutes and prelim Eurozone PMIs. Results from Australian and

Indian general elections and European parliamentary polls are also due.