Positive End to the Week for the Pound Despite PM and Health Secretary Being Diagnosed With Coronavirus

GBP EUR Looks to Employment Figures for Support

The pound looks set to end the week above 1.11 against the euro, which is a welcomed boast for the currency which has suffered big losses as the markets reacts to the outbreak and global spread of the Covid19 virus. At the start of the week the pound had fallen to 1.0639 against the euro, taking us back to lows last seen in August 2019.

With it quickly becoming evident that the whole world would be hit financially by the spread of the coronavirus. The euro was seen as a safe haven currency more so than the pound forcing the rate down. As most of Europe were quick to enforce a lock down in countries like France, Italy and Spain, the UK government appeared slower to react to the spread of Covid-19. However, in the last week PM Johnson has taken decisive action day by day resulting in a full lock down, limiting the movements for the majority of the UK population and confirming financial support and aid to workers and business who are being affected by the virus. This has helped push the pound back to its highest levels since 13th March, by midday today the pound was up by over 1% against euro hitting a high of 1.1175.

PM and Health Secretary being diagnosed with coronavirus

It is unclear at present how the pound will be affected by the news the Prime minster Boris Johnson and Health Secretary Matt Hancock have both tested positive for coronavirus.

If you would like to learn more for an upcoming currency transfer, you can get in touch with me directly, Royston Howell, using the form below.