07.04.202007:19:00UTC+00Pound Falls As PM Boris Johnson Admitted To ICU For Coronavirus Infection

The pound depreciated against its major trading partners in the Asian session on Tuesday, as U.K. Prime Minister Boris Johnson was taken to intensive care after his condition deteriorated at the hospital.

The PM was moved to ICU as a precaution should he required ventilation to support his recovery.

"Over the course of this afternoon, the condition of the prime minister has worsened and, on the advice of his medical team, he has been moved to the intensive care unit at the hospital," according to a statement from Downing Street.

Boris Johnson was admitted to St Thomas' Hospital on Sunday night after testing positive for the coronavirus 10 days before.

Downing Street said that Foreign Secretary Dominic Raab will serve as a replacement for Johnson "where necessary."

In the UK, the total number of coronavirus cases soared to 51,608, while the death toll reached 5,373. The pound fell on Monday after Boris Johnson's initial admission, but it has recovered following housing minister Robert Jenrick remarks that the PM would be back at 10 Downing Street soon.

The pound was down 0.5 percent at 1.2164 against the dollar, its lowest level since March 27. The pair had finished Monday's deals at 1.2230. Immediate support for the pound is possibly seen around the 1.20 level.

The pound dropped to 132.91 against the yen, down by 0.5 percent from Monday's closing value of 133.55. Further decline in the pound may challenge support around the 130.00 area.

Data from the Ministry of Internal Affairs and Communications showed that Japan household spending fell 0.3 percent on year in February - coming in at 271,735 yen. That beat expectations for a decline of 3.4 percent on year following the 3.9 percent annual drop in January.

The pound lost 0.5 percent to hit a 6-day low of 1.1909 against the Swiss franc. The pair was valued at 1.1970 when it ended trading on Monday. Extension of the pound's downtrend may lead it to a support around the 1.18 region.

The U.K. currency was 0.5 percent lower at a 6-day low of 0.8864 against the euro. The euro-pound pair was worth 0.8818 at Monday's close. The pound is seen facing support around the 0.90 mark.

In today's events, Canada Ivey PMI for March and U.S. consumer credit for February will be featured in the New York session.

Can't speak right now?
Ask your question in the chat.