Pound sterling PLUNGES after PM Johnson moved to ICU due to Covid-19
The British pound has fallen sharply in value compared to the dollar and euro following coronavirus-stricken UK PM Boris Johnson’s admission to an intensive care unit after his condition “worsened” in the hospital.
The pound dropped 0.3 percent against the dollar on the announcement Monday night, to the equivalent of $1.2229. Against the euro, it fell 0.1 percent to €1.1326.
While the drop might not sound significant outside currency markets, it couldn’t have happened at a worse time for the pound, which was already trading at near historic lows against the dollar in recent weeks. The UK — like many of the world’s economies in the midst of the coronavirus pandemic — has struggled to keep its economy afloat as nationwide lockdowns have forced many businesses to close their doors.
Foreign Secretary Dominic Raab has stepped in to serve in Johnson’s stead while he is in the intensive care unit. The PM’s hospital admission was said at the time to be merely a precaution taken on doctors’ advice.
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