{"id":98460,"date":"2020-04-07T02:00:26","date_gmt":"2020-04-07T06:00:26","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=98460"},"modified":"2020-04-07T02:37:54","modified_gmt":"2020-04-07T06:37:54","slug":"102939-gbp-eur-pound-rebounds-after-plunging-on-pm-health-concerns","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102939-gbp-eur-pound-rebounds-after-plunging-on-pm-health-concerns\/","title":{"rendered":"GBP\/EUR: Pound Rebounds After Plunging On PM Health Concerns"},"content":{"rendered":"

The Pound<\/a> is rebounding on Tuesday, after plunging late on Monday, following news that Prime Minister Boris Johnson has been moved into intensive care. The Pound versus Euro<\/a> exchange rate closed the previous session 0.2% higher at \u20ac1.1331 after falling over 100 points from the high of the day.<\/p>\n

At 06:30 UTC, GBP\/EUR<\/a> is trading up +0.2% at \u20ac1.1342 as investors remain focused on coronavirus news. \u00a0There is just German industrial production data for February on the economic calendar.<\/p>\n

Check real time GBP to EUR exchange rate<\/span><\/a><\/div>\n

Boris Johnsons\u2019 Health Deteriorates<\/h2>\n

Boris Johnson\u2019s condition worsened yesterday evening and he was moved to the ICU at St Thomas\u2019 Hospital with persistent coronavirus symptoms. The PM has asked Foreign Secretary Dominic Raab, who is the First Secretary of State to deputise. \u00a0The Pound plummeted on the news. Prior to that, the Pound had been gaining on improving covid-19 statistics.<\/p>\n

Britain\u2019s daily coronavirus deaths and new infections dropped by almost a third. 439 fatalities were recorded on Monday, the lowest level in a week and 3,802 new cases were recorded, which is 2000 less than Sunday. The data boosted optimism that measure to slow the spread of the virus were working.<\/p>\n

However, these same measures are having a huge impact on the economy. Data on Monday showed that UK consumer confidence plunged at the fastest rate on record. Investment bank Goldman Sachs has also predicted that the UK GDP will shrink -6.5% in 2020, in what would be the biggest recession for a century. The bank predicts that the UK economy contracted by -1.9% in the first quarter of this year and a 13% contraction is expected for the second quarter on a quarter on quarter basis. The bank does, however, also predict a swift rebound, on the condition that the lock down doesn\u2019t drag on.<\/p>\n

German Industrial Production To Drag on Euro?<\/h2>\n

The Euro slipped lower in the previous session as many European countries reported a sharp decline in the number coronavirus cases and fatalities.<\/p>\n

Today attention will turn to German Industrial production. The data is for February, so before the escalation of the coronavirus outbreak. Analysts are expecting industrial output to show a -0.9% month on month decline in February, down from a 0.3% increase in January. If the data shows that industrial production was already facing a renewed slowdown prior to coronavirus, the euro could weaken.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Pound is rebounding on Tuesday, after plunging late on Monday, following news that Prime Minister Boris Johnson has been moved into intensive care. The Pound versus Euro exchange rate closed the previous session 0.2% higher at \u20ac1.1331 after falling over 100 points from the high of the day. At 06:30 UTC, GBP\/EUR is trading […]<\/p>\n","protected":false},"author":163946597,"featured_media":5970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1396,2139,1395,1393,1394,1404,1391],"class_list":{"0":"post-98460","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-boris-johnson","10":"tag-coronavirus","11":"tag-eur","12":"tag-euro","13":"tag-gbp","14":"tag-german-industrial-production","15":"tag-pound"},"acf":[],"yoast_head":"\nGBP\/EUR: Pound Rebounds After Plunging On PM Health Concerns - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/102939-gbp-eur-pound-rebounds-after-plunging-on-pm-health-concerns\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102939-gbp-eur-pound-rebounds-after-plunging-on-pm-health-concerns\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102939-gbp-eur-pound-rebounds-after-plunging-on-pm-health-concerns\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Pound Rebounds After Plunging On PM Health Concerns\",\"datePublished\":\"2020-04-07T06:00:26+00:00\",\"dateModified\":\"2020-04-07T06:37:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102939-gbp-eur-pound-rebounds-after-plunging-on-pm-health-concerns\\\/\"},\"wordCount\":420,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102939-gbp-eur-pound-rebounds-after-plunging-on-pm-health-concerns\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2017\\\/08\\\/pounds-brexit.jpg\",\"keywords\":[\"boris johnson\",\"coronavirus\",\"eur\",\"euro\",\"gbp\",\"german industrial production\",\"pound\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102939-gbp-eur-pound-rebounds-after-plunging-on-pm-health-concerns\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102939-gbp-eur-pound-rebounds-after-plunging-on-pm-health-concerns\\\/\",\"name\":\"GBP\\\/EUR: Pound Rebounds After Plunging On PM Health Concerns - 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