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British P.M. hospitalization weakens the Pound Sterling

The market responded negatively after British Prime Minister, Boris Johnson was admitted into the Intensive Care Unit yesterday due to complications from Coronavirus.

BATH, ENGLAND – OCTOBER 13: In this photo illustration, a stack of £1 coins is seen with the new £10 note alongside euro notes and US dollar bills on October 13, 2017 in Bath, England. Currency experts have warned that as the uncertainty surrounding Brexit continues, the value of the British pound, which has remained depressed against the US dollar and the euro since the UK voted to leave in the EU referendum, is likely to fluctuate. (Photo Illustration by Matt Cardy/Getty Images)

According to reports from Downing Street, Boris Johnson’s intensive care admission was a precautionary measure. However, the country’s  currency markets were not quite as hopeful. This is because just ten minutes  after the report, the British Pounds had dropped by about 0.4%. But by Tuesday morning (7.30 am Nigerian time), the Pound regained some of its losses.

The British Prime Minister was diagnosed with COVID-19 about 10 days ago. But until yesterday, he had been performing his duties from isolation without difficulties. Over the weekend, it was reported that he had been taken to the hospital due to persistent symptoms of COVID-19.

Despite this, the currency market was not so unsettled by the turn of these events. The British pound sterling started with its biggest daily gap drop since November 2018, but the move hardly had high price swings relative to the surrounding volatility of the past two months.

The post British P.M. Hospitalization Weakens the Pound Sterling appeared first on Market Digest Nigeria.

This post first appeared on Latest Nigeria News Online, please read the originial post: here

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British P.M. hospitalization weakens the Pound Sterling


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