Johnson in Hospital For Tests
The UK PM was admitted to hospital this week following over ten days in isolation due to testing positive for coronavirus. The PM was brought in on Sunday for what he described as a series of “routine tests.” In a statement released regarding his hospitalization, one of the PM’s spokespeople said:
“On the advice of his doctor, the prime minister has tonight been admitted to hospital for tests”.
The statement went on to say:
“This is a precautionary step, as the prime minister continues to have persistent symptoms of coronavirus 10 days after testing positive for the virus. The prime minister thanks NHS staff for all of their incredible hard work and urges the public to continue to follow the government’s advice to stay at home, protect the NHS and save lives.”
PM Urged To Hand Over Power
Johnson has continued to run the government whilst in isolation over the last ten days. However, there is a growing call for the PM to hand over power while he fights the killer virus. Coronavirus has now claimed the lives of more than 5000 people in the UK. However, for now, Johnson remains in charge. Taking to Twitter this week, Johnson wrote: I’m in good spirits and keeping in touch with my team, as we work together to fight this virus and keep everyone safe.
UK Lockdown To Be Extended?
The UK is now in the third week of its shutdown with pubs, restaurants and other social/entertainment facilities closed. Citizens have been told to stay at home and to only leave the house for essential reasons. The police are currently enforcing these guidelines.
The shutdown is due to be reviewed at the end of this week and it is highly likely to be extended given that the death toll is continuing to rise. Indeed, the government has warned that stricter measures might need to be implemented if UK citizens don’t abide by the government’s warning not to flout social distancing rules.
UK GDP Due This Week
The lockdown has been having a notable downward impact on the UK economy with recent data releases turning sharply lower. On Thursday, the monthly GDP report is due to be released. This could put further pressure on the pound depending on the extent of the weakness.
Looking ahead this year, Deutsche Bank has warned that UK GDP could fall by 6.5%, noting that coronavirus has caused the biggest recessionary risk of the last century.
GBPUSD Recovery Losing Steam
The recovery in GBPUSD has lost some momentum. This came following the initial break above the 1.1929 level with price stalling ahead of testing the 1.2586 level resistance. While price holds above the 1.1929 level, however, focus is on a further push higher.