FOREX-Failing to prepare an adequate response to the coronavirus crisis

The pound is down versus other major currencies at the start of the European session on Monday. Sterling’s losses to the euro and the dollar, of 0.35% and 0.25% respectively, come at a time of heightened political tension in the UK as the government is accused of failing to prepare an adequate response to the coronavirus crisis, with the spotlight pointing at Boris Johnson. Michael Gove, one of the highest profile cabinet members, confirmed the Prime Minister failed to attend five emergency meetings in the run-up to the acute phase of the pandemic. Also worrying investors is the fact that, unlike several other countries, the UK authorities haven’t given any indication of having a lockdown exit strategy at a time when the burden of the country’s economic paralysis starts to weigh heavily on market sentiment.