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“We believe the coronavirus will be something that passes through,” British Finance Minister Rish Sunak said on Wednesday. “We will recover from coronavirus and come through the other side.

Key takeaways

“Our approach is to bridge through the coronavirus period.”

“Measures will not be perfectly targeted.”

“We are looking at every conceivable tool at our disposal.”

“We need to focus on social care as well as business.”

“Airlines and airports are an obvious area for support.”

GBP/USD reaction

The GBP/USD pair failed to make a meaningful recovery after these comments and was last seen trading at 1.1820, erasing nearly 2% on a daily basis.