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Sterling drops after PM Johnson hospitalized over persistent coronavirus symptoms




Sterling drops after PM Johnson hospitalized over persistent coronavirus symptoms

  • Update Time : Monday, April 6, 2020
  • 194 Time View
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Sterling drops after PM Johnson hospitalized over persistent coronavirus symptoms
Sterling drops after PM Johnson hospitalized over persistent coronavirus symptoms

MarketDeal24.Com – The British pound sterling dropped against the United States Dollar and Euro on Monday, the first trading day of the week as British Prime Minister Boris Jonson was rushed to a hospital for additional tests after showing symptoms of coronavirus.

The traditional safe-haven Japanese Yen dipped against USD after Japanese media reported the declaration of a state of emergency as early as Tuesday to contain COVID-19 infections in the country.

The US Dollar was on a backfoot against the Euro after data revealed that businesses in the US have slashed jobs at an unprecedented pace as the coronavirus pandemic is extracting its toll from the world’s largest economy.

The pound dropped by 0.26% to $1.2242 on Monday in Asia. Against the euro, it plunged by 0.27% to 88.39 pence.

British Prime Minister’s official residence 10 Downing Street has said that Jonson’s admission to a hospital was “precautionary move” because he was demonstrating persistent symptoms of COVID-19 10 days after testing positive for the novel coronavirus.

Yen Weakens

The traditional safe-haven Yen of Japan has registered drop in its value against a host of other global currencies.

The yen dropped by 0.4% to 108.93 against the USD. It also shed some value against the euro, the Australian dollar (AUD), and the New Zealand dollar (NZD).

Prime Minister of Japan Shinzo Abe is all set to declare a state of emergency on Tuesday in an attempt to contain the coronavirus spreading across the country, the Yomiuri newspaper reported.

Public pressure has been building up slowly on the Japanese authorities as to the cases of new coronavirus infection soar, especially in the capital city of Tokyo.

As per new legislation, approved in March, the prime minister of Japan can unilaterally declare a state of emergency if he thinks that the disease poses a “grave danger” to lives and if its rapid spread could have a huge impact on the national economy.

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