11.05.2020 Eur/GBP Daily Analysis

11.05.2020 Eur/GBP Daily Analysis

Eur/GBP pair is trading higher today at 0.8745, it went up with 0.0010. This is mainly because the UK coronavirus death toll has become the second-highest in the world behind the United States and this is causing the country to have a divided mind on the issue of easing coronavirus restrictions that have shuttered much of the economy for weeks. British Prime Minister Boris Johnson on Sunday outlined plans to slowly ease coronavirus lockdown restrictions but however faced criticism. Johnson's government wants the rest of the United Kingdom to take the same approach but however, the leader of Wales, Scotland and Northern Ireland said they were sticking with the existing 'stay-at-home', mainly because the death toll is increasing in the UK at nearly 32 000. This, therefore, affected the pound making it weaker against the euro hence the reason why the Eur/GBP pair is going up today.