GBP/USD: On the back foot amid dollar strength

GBP/USD has been dropping amid dollar strength. The world's reserve currency and a safe-haven currency has been benefiting from concerns about the global economy, FXStreet’s analyst Yohay Elam briefs.

 Key quotes

“While COVID-19 statistics continue trending lower, the UK has reached a grim milestone, topping Europe's number of deaths from the disease.” 

“Chancellor of the Exchequer Rishi Sunak will have to decide on the government's furlough plan, balancing between supporting those unable to work but also encouraging people to get back to their jobs.” 

“President Trump repeated his claim that coronavirus originated from a lab in Wuhan, China. Growing friction between the world's largest economies is weighing on sentiment.” 

“The ADP employment report for April will likely shed light on the dire situation in the labor market, serving as a hint toward Friday's official Non-Farm Payrolls report. America's largest payroll provider is forecast to report a loss of over 20 million jobs in April.”