Search ForexCrunch

UK PM Boris Johnson is to make a statement to MPs on Monday giving details of new restrictions to slow the spread of coronavirus in England, says the BBC during the weekend update.

The news relies on a letter to the MPs from Downing Street’s chief strategic adviser Sir Edward Lister, seen by the BBC, which mentions the likelihood of further restrictions for the North West, which in turn gets criticism from the regional leaders.

The report mentions the new restrictions on the pubs and restaurants that could be closed in parts of northern England and the Midlands while also discussing a ban on overnight stays. “It is understood that the most severe measures – imposed for areas in tier three – would be agreed with local leaders in advance. The details of each tier, including the level of infection at which an area would qualify for it and the nature of the restrictions, are being debated this weekend,” the piece said further.

Over the weekend, UK Labour’s Work and Pensions Spokesman Jonathan Reynolds said that The government has lost control of the coronavirus (COVID-19) crisis. Also crossing the wires, via Reuters, was British Housing Minister Robert Jenrick who said that the government has spent the weekend working with local leaders on new measures.

FX implications

The news probes market’s risk-on moves, portrayed on Friday, while also weighing on the GBP/USD prices, currently around 1.3030. However, a lack of major data/events and the US holiday restrict the reaction to the risk-negative update. It’s worth mentioning that the S&P 500 Futures also fails to extend the last week’s upbeat performance while taking rounds to around 3,470 by the press time of early Monday morning in Asia.