A number of lockdown gatherings should not have been allowed to take place or develop in the way that they did, the Sue Gray inquiry into No10. Downing Street lockdown breaches said, according to a government update. The full report has not been released due to an ongoing police inquiry, but the UK government has released an update on its contents.
Additional Takeaways:
- There is significant learning to be drawn from these events which must be addressed immediately across the government.
- Government learning does not need to wait for the police investigations to be concluded.
- Downing Street leadership structures are fragmented and complicated and this has sometimes led to the blurring of lines of accountability.
- Some staff wanted to raise concerns about the behaviours they witnessed at work but at times felt unable to do so.
Market Reaction
Sterling has not reacted to the latest report, though it will provide more ammunition for UK PM Boris Johnson's detractors to call for his resignation, which is a potential risk event worth keeping an eye on for GBP.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
USD/JPY crashes toward 156.00, Japanese intervention in play?
Having briefly recaptured 160.00, USD/JPY came under intense selling and sank toward 156.00 on what seems like a Japanese FX intervention underway. The Yen tumbled in early trades amid news that Japan's PM lost 3 key seats in the by-election. Holiday-thinned trading exaggerates the USD/JPY price action.
AUD/USD rallies toward 0.6600 on risk flows, hawkish RBA expectations
AUD/USD extends gains toward 0.6600 in the Asian session on Monday. The Aussie pair is underpinned by increased bets of an RBA rate hike at its May policy meeting after the previous week's hot Australian CPI data. Risk flows also power the pair's upside.
Gold stays weak below $2,350 amid risk-on mood, firmer USD
Gold price trades on a softer note below $2,350 early Monday. The recent US economic data showed that US inflationary pressures stayed firm, supporting the US Dollar at the expense of Gold price. The upbeat mood also adds to the weight on the bright metal.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
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.