GBP EUR Exchange Rate Hits New High for the Year

GBP EUR Higher Ahead of Prime Minister Vote

The GBP EUR exchange rate reached a new high for the year on Monday at 1.1999. The pair saw a rebound from two days of pause after a recent attempt at the 2020 highs of 1.2000. Boris Johnson is looking to reduce the quarantine in the UK to five days as ministers look to live with the virus.

The GBP to EUR will look to get above 1.2000 or we could see a retrace on economic data with retail sales released today.

Johnson considers isolation cut, Germany casts doubt on lateral flow

The prime minister’s spokesman was asked about the expected self-isolation period being reduced within days.

No date was given but he did say: “It is something we want done soon.”

“But what is important is that we don’t prejudge the conclusion, and that we allow those that are looking at this to consider the evidence base and provide thorough advice.”

He added that the government “would want to act quickly” if it is possible to “go further”, but “it needs to be based on the latest evidence”. That work is still ongoing. We certainly have not received any further updated advice.”

Reduced isolation times would reduce the strain on NHS staff levels and also help the wider economy.

The PM’s spokesman also said it was “too early to say” when the coronavirus pandemic will move to being endemic.

“Exactly what point we’re on, that is probably still too early to say.

“We are seeing early signs of cases falling in England and indeed even hospital admissions are starting to fall, but it’s still too early to draw conclusions.”

Germany casts doubt on lateral flow tests for variant

Germany’s health minister has cast some doubt on the ability of lateral flow tests to detect the Omicron variant.

The country is conducting a study to assess the reliability of the tests for the variant, with the results expected in the next few weeks.

Health minister Karl Lauterbach said: “We do not know exactly how well these tests work for Omicron.”

Meanwhile, Spanish Prime Minister Pedro Sanchez has called on his European counterparts to consider moving to a flu-like monitoring system for COVID.

He said the change would mean treating the virus as an “endemic” as opposed to a pandemic.

Spanish health authorities are creating a system in which every new infection would not need to be recorded and people with symptoms would not necessarily be tested.

“I believe that we have the conditions for, with precaution, slowly, opening the debate at the technical level and at the level of health professionals, but also at the European level, to start evaluating the evolution of this disease with different parameters than we have until now,” the prime minister said.

Michael Gove also spoke of the endemic situation, saying:

“We are moving to a situation where it is possible to say that we can live with covid and that the pressure on the NHS and on vital public services is abating, but it’s absolutely vital to recognise that we are not there yet.”