06.04.2020 GBP/USD Daily Analysis

06.04.2020 GBP/USD Daily Analysis

GBP/USD is trading at $1.2278. In Asia, this morning, the USD was rising due to a decline in fatalities in cities hit hard by the coronavirus. Ths USD index went up by 0.12%. On Friday, the US Non-Farm Payroll report showed a reduction of 701,000 which made it clear just how much the US economy was hit by the pandemic. This was the worst Non-Farm Payroll Report in 11 years. The GBP weakened against the USD as Prime Minister Boris Johnson was admitted to the hospital after showing persistent symptoms of coronavirus.  Masafumi Yamamoto, chief currency strategist at Mizuho Securities said, “When a head of state or government is stricken like this, it will cause concern for holders of sterling and sterling assets."  GBP/USD is currently recovering due to reports that UK PM Boris Johnson is doing well in the hospital.