Sterling has dipped this morning after Boris Johnson, admitted to hospital on Sunday, was taken into intensive care. Before the news broke, the pound was mostly stronger yesterday against both the euro and the dollar. This strength came as the global stock markets rallied due to optimism surrounding the slowing of coronavirus infection rates.
The pound could react further to news of Boris Johnson’s health this week. The UK Construction PMI figure fell dramatically yesterday, showing that the sector is now in contraction territory. It came in at 39.3, compared to a previous reading of 52.6 and below expectations of 44. Labour Productivity figures are due this morning and are also expected to show a drop.
Foreign Secretary, Dominic Raab, led the daily press briefing yesterday, saying that the government are still “united” in combating the crisis. Professor Angela McLean, chief scientific adviser for the Ministry of Defence, says that the efforts people are making to stay at home “are working.”
