New post
John Wang
in
Forex
April 7 20:00

GBP is giving up ground to Euro

Prime minister’s health drags the currency down.
54
0
As the politics of the United Kingdom are rocked by the illness of the Prime Minister Boris Johnson, the national currency is impacted as well. Investors are selling pounds and buying euros.  

Last week the Pound has been steadily growing against both Euro and US Dollar. GBP/EUR pair has gone up to 1.1357. Since the news about Johnson’s health came in, the trading has been mixed. The Pound has lost its earlier growth and is trading at a lower level around 1.1351.
Boris Johnson has contracted the coronavirus on March 27. On April 6 his condition has worsened and the Prime Minister has been transferred to the intensive care. Prime Minister’s have been temporarily transferred to the Secretary of State Dominic Raab. 
Investors are unwilling to abandon the Pound outright. It is yet unclear how Johnson’s absence will influence British politics and Brexit. The currency also proved to be steady against the dollar.