Prime Minister Johnson has spent a second night in intensive care. However, news that he is not using a ventilator has provided some encouragement and limited any Sterling losses for the time being. The Pound continues to trade in a range as the market awaits any further news on Johnson’s condition.

Foreign Secretary Raab has now been put in charge whilst Johnson recovers and will have to lead the government in deciding how long to extend current restrictions.

The Euro remains under pressure as finance ministers from across the Eurozone failed to come to an agreement to share any debt incurred during the crisis in the form of ‘coronabonds’. Spain and Italy have accused northern EU members such as Germany and The Netherlands of not doing enough. The meeting will continue today and the outcome will provide some fresh impetus to the market. Spanish PM Sanchez suggested that if they fail to come to an agreement then the EU may ‘fall apart’.

FOMC minutes from the last meeting will be released this evening at 7pm which may cause some volatility as the market will pay particular attention to the wording of the members which in turn will reveal how concerned members are given the current situation. The Dollar has seen some slight pressure as the number of coronavirus deaths in a single day was approximately 1,800 for Tuesday, which is the highest number of fatalities in a single day.