UK PM Boris Johnson has been taken to intensive care and the pound is under pressure. GBP/USD dropped from 1.2305-1.2241.
Johnson was admitted into St. Thomas' Hospital in London on Sunday following 10-days of fever during his spell of self-isolation. However, the headlines were that his admission had just been precautionary. Evidently, there are complications as the condition in the UK PM has worsened.
A No 10 spokesman said
'Since Sunday evening, the Prime Minister has been under the care of doctors at St Thomas' Hospital, in London, after being admitted with persistent symptoms of coronavirus.
'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.'
The PM has asked Foreign Secretary Dominic Raab, who is the First Secretary of State, to deputise for him where necessary. The PM is receiving excellent care, and thanks to all NHS staff for their hard work and dedication.'
This is a developing story and there are now headlines, sometime after the original posting of this news, that although Johnson is in intensive care, he is not on a ventilator. The news was reported by CNN.
In updates, it is reported that the PM was experiencing breathing difficulties and was given oxygen.
Volatility in GBP crosses
The pound dropped heavily on the knee-jerk as UK politics once again takes centre stage. "The PM has asked Foreign Secretary Dominic Raab, who is the First Secretary of State, to deputize for him where necessary," according to the government's statement.
GBP/USD has dropped 90 pips to a low of 1.2305 following the news but has since moved back to trade in the mid-1.2230s as markets digest the headlines an await further updates as to the PM's condition. After all, it would likely take something more convincing to break the weekly support structure.
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