UK PM Boris Johnson has been taken to intensive care and the pound is under pressure. GBP/USD dropped from 1.2305-1.2241.
Johnson was admitted into St. Thomas' Hospital in London on Sunday following 10-days of fever during his spell of self-isolation. However, the headlines were that his admission had just been precautionary. Evidently, there are complications as the condition in the UK PM has worsened.
A No 10 spokesman said
'Since Sunday evening, the Prime Minister has been under the care of doctors at St Thomas' Hospital, in London, after being admitted with persistent symptoms of coronavirus.
'Over the course of this afternoon, the condition of the Prime Minister has worsened and, on the advice of his medical team, he has been moved to the Intensive Care Unit at the hospital.'
The PM has asked Foreign Secretary Dominic Raab, who is the First Secretary of State, to deputise for him where necessary. The PM is receiving excellent care, and thanks to all NHS staff for their hard work and dedication.'
This is a developing story and there are now headlines, sometime after the original posting of this news, that although Johnson is in intensive care, he is not on a ventilator. The news was reported by CNN.
In updates, it is reported that the PM was experiencing breathing difficulties and was given oxygen.
Volatility in GBP crosses
The pound dropped heavily on the knee-jerk as UK politics once again takes centre stage. "The PM has asked Foreign Secretary Dominic Raab, who is the First Secretary of State, to deputize for him where necessary," according to the government's statement.
GBP/USD has dropped 90 pips to a low of 1.2305 following the news but has since moved back to trade in the mid-1.2230s as markets digest the headlines an await further updates as to the PM's condition. After all, it would likely take something more convincing to break the weekly support structure.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.