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Sterling hovered near two-month lows as British Prime Minister Boris Johnson unveiled long-lasting restrictions to tackle a second wave of the coronavirus.

New measures, which included extending the use of face coverings, curfews on pubs, bars and restaurants and larger fines for rule-breakers, could be in place for six months, Johnson warned.

Service is a very important component of the UK industry and leisure and hospitality is the services sector and restrictions will mean less revenues and more pain.

The British government is attempting to pass a bill through Parliament that would allow it to break its Withdrawal Agreement with the European Union.

EU chief negotiator Michel Barnier is expected to visit London today as part of continuing informal talks on Britain’s exit from the bloc.

“If we get good news from Barnier in the next couple of days, then we could go back up to $1.30 but investors don’t really know which way to turn until there is a bit more clarity.

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