The pound is attempting recovery amid reports that PM Johnson is doing well in hospital while optimism about coronavirus developments in several hotspots is weighing on the dollar, FXStreet’s analyst Yohay Elam reports.
Key quotes
“Prime Minister Boris Johnson has been admitted to a hospital in London late on Sunday in what was described as a ‘precautionary step’. Housing Secretary Robert Jenrick has said that Johnson is doing well, allowing the pound to recover.”
“The new optimism replaces pessimism after America’s NFP report on Friday as the world’s largest economy lost 701,000 jobs. The quick determination in the world’s largest economy is drawing funds toward the safe-haven dollar.”
“Later in the day, health updates from the UK, Spain, Italy, and the US will all be of interest. Yet for the pound, any update on Boris Johnson remains central. Without a report that the PM has returned to Downing Street, sterling may suffer.”
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