euro-bank-notes - EUR

The British pound is higher against the euro on Friday.

The British currency saw a brief flutter but held onto daily gains after news broke that Prime Minister Boris Johnson had tested positive for the coronavirus.

The rising death toll from COVID-19 in European countries is seeing the euro turn lower although data showing surprisingly strong consumer confidence numbers from France and Italy limited the losses.

Pound versus Euro was higher by 116 pips (+1.05%) to 1.1179 with a daily range of 1.0996 to 1.1186 as of 3pm GMT.

GBP/EUR reached a fresh 2-week high on Friday, overcoming the 1.11 level for the first time since March 13. Week to date gains stand at +2.64%.

British pound rises while Boris Johnson tests positive for coronavirus

On Friday Boris Johnson posted a video saying he had tested positive for the coronavirus and was feeling mild symptoms including a temperature and persistent cough.

The fact that symptoms are mild and he will continue actively working as Prime Minister albeit via teleconference while in self-isolation for 7-days meant the reaction in the pound was limited.

It is perhaps unsurprising since the PM will not have been self-isolating but has been presumably been meeting many different people, including medical professionals trying to organise the national effort to fight off the coronavirus.

Johnson will self-isolate in a flat above No.11 Downing Street, usually reserved for the Chancellor.  Health Secretary Matt Hancock also tested positive and is too self-isolating for 7-days as per the medical advice being given by Public Health England.

Euro weakens as coronavirus deaths in Spain rise

There was more sad news from Spain on Friday which recorded 769 new deaths in one day and now has the second highest death toll in the world after Italy and is forth in the number of cases. There are concerns that the country has already become a new epicentre for the disease in Europe.

While the number of deaths has been rising in Spain, the percentage increase has remained the same, suggesting that the government lockdown is beginning to have some positive effect.


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