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British Prime Minister Boris Johnson said on Monday that the government was ready for a potential economic downside of the coronavirus outbreak, but that the fundamentals of the economy were strong.

“Be in no doubt that something like a mass epidemic is going to have all sorts of consequences, and there is always the potential for an economic downside as well, and you are seeing that around the world – and we are ready for that,” Johnson said in an interview with the BBC public broadcaster. “But don’t forget the fundamentals of the UK economy are very strong.”

FX implications

The United Kingdom has so far had 40 confirmed cases of the virus and Johnson has warned that there could be a significant increase. GBP is suffering a monthly decline and is a fade on rallies, -0.31% at the time of writing having travelled between a high of 1,2850 and a low of 1.2739.