GBP plumbs multi-month lows as political......>

FOREX: GBP plumbs multi-month lows as political uncertainty pervades

-Intraday volatility among DMFX was muted Thursday, with few data surprises or

critical headlines crossing to move markets. Nonetheless, medium-term trends

extended, resulting in GBP/USD hitting the lowest levels since early January

after (briefly) breaking below $1.26. To add further downside pressure, GBP/USD

DMAs are close to forming a 'death cross' (50-dma < 200-dma) for the first time

since mid-2018 - which was followed by a near 7% drop in the pair.

-The USD index held below recent highs for much of the Thursday session, with

slightly better-than-expected GDP revisions doing little to push the greenback

in either direction. TRY outperformed as tensions with the US eased further as

Trump and Erdogan plan to meet further at the G20 meeting - although reports

suggesting Turkey may still opt for the S-400 missile system stemmed gains.

-Attention turns to Chinese May PMI data, Japanese jobs and retail sales

numbers, regional German CPIs, Canadian GDP data for Q1, US MNI Chicago PMI data

and personal income/spending for April. Speeches are due from ECB's Visco and

Fed's Bostic and Williams.