LONDON, April 6 — The pound recovered from a slight dip overnight against the dollar on Monday as UK Prime Minister Boris Johnson was expected to be returning to his office “shortly” after being hospitalised with persistent novel coronavirus symptoms last night.

The bounce back came as housing minister Robert Jenrick said Johnson is “doing well” and is expected to be back at 10 Downing Street shortly.

The British currency was hovering near one-week lows overnight after the British leader’s hospitalisation.

“News that Prime Minister Boris Johnson was admitted to hospital saw the British pound dip, only to recover quickly since it seems it was just precautionary,” said Jasper Lawler, head of research at London Capital Group.

Advertisement

“Risks to UK sentiment could re-emerge if Boris’s hospital stay extends for a few days leaving a leadership vacuum behind.”

Sterling was last up 0.1 per cent versus the euro at 88.08 pence per euro. Against the dollar sterling was up 0.2 per cent at US$1.2294.

The pound remains down against both the single currency and the dollar since the start of the year, by around 4 per cent and 7 per cent respectively. — Reuters

Advertisement