UK PM Johnson: We are establishing a new COVID alert system run by a new joint biosecurity centre

Ross J Burland FXStreet

Reuters reporting on UK's Prime Minister Boris Johnson lockdown statements today notes how the government is now setting out plans to begin gradually easing some of the measures which have shut down much of the economy for nearly seven weeks:

"This is not the time simply to end the lockdown this week," Johnson said in a televised address. "Instead we are taking the first careful steps to modify our measures."

From Monday, those who cannot work from home will be actively encouraged to go to work, he said, and from Wednesday people will be allowed to take unlimited amounts of outdoor exercise as long as they adhere to social distancing guidelines.

"You can sit in the sun in your local park, you can drive to other destinations, you can even play sports but only with members of your own household," he said.

We will be monitoring our progress locally, regionally, and nationally and if there are outbreaks, if there are problems, we will not hesitate to put on the brakes.

There will be five alert levels, lower level means fewer lockdown measures.

We have by no means fulfilled all our conditions for lifting lockdown.

This week is not the time to simply end the lockdown.

We are taking the first careful steps to modify our measures.

Anyone who cannot work from home should now be actively encouraged to go to work.

To chart our progress we are establishing a new covid alert system run by a new joint biosecurity centre.

GBP/USD update

GBP/USD Forecast: Buying interest limited ahead of Johnson’s speech

GBP/USD has been firmer of late, completing a 50% mean reversion of the end of April drop. While there is some commitment here to getting the UK economy on track by relaxing lockdown measures, insofar as the UK carries a significant current account deficit and along with last month’s news that the latest round of post-Brexit talks between the UK and the EU did not go well, the pound should continue to struggle. Brexit talks kick-off again today, so the pound could be vulnerable at the start of the week.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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