UK PM Johnson begins news conference
Forex News

UK PM Johnson begins news conference

British Prime Minister Boris Johnson said on Sunday that the government now had to take special steps to protect the most vulnerable from the coronavirus outbreak. Johnson said that Britain needs “far far more” ventilators to support patients with coronavirus in critical care.

“We have we think a good supply at the moment but we need to get far far more,” he said at a news conference on Sunday. “That’s why there’s a huge national effort to equip ourselves not just with ventilators but with all the testing kits, the reagents, all the stuff that we’re going to need to beat this disease.”

Ky comments

  • UK PM Johnson says we have to slow the spread of the disease to save thousands of lives.
  • Johnson says we now have to take special steps to protect the vulnerable.
  • Says shielding of the vulnerable will save lives.
  • Says we have to do more so existing measures are having the effect we want.
  • Says wants to say more about how we interact outdoors.
  • Says please follow the government’s advice when outdoors – stay 2 metres apart.
  • We have already taken very draconian steps and it is important people can get out and exercise if they can.
  • Says parks and open spaces are absolutely crucial for our society but people should go act responsibly.
  • Says if you don’t exercise responsibly outside we may have to bring in tougher measures.
  • Says when asked about a lockdown: the best thing to stop the spread of the disease is to stay at home if you possibly can.

Market implications

GBP/USD has been flattened by the COVID-19 pandemic, falling over 5% in the prior week with a temporary spell in the 1.14 handle. For a second consecutive week, the US dollar took up the top spot on the FX leaders board and the DXY traded 1 pip away from the 103 handle. Until there is a reduction of cases around the world for markets to start to recover, the USD could remain strongest, subsequently, a sell on rallies in cable will most likely continue to play out as it appears things are about to get worse in the UK before they can get better.

 

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