Watch Live: Downing Street Covid-19 Omicron Update

As the WHO warns Europe once again at the epicentre of the pandemic, the UK's prime minister, Boris Johnson will address the united kingdom in a press conference that is scheduled to start anytime now.

The spread of the more infectious Delta variant, an increase in communal activity, a return to the workplace and now the new Omicron variant has resulted in a sharp increase in the disease. 

The WHO's technical lead on Covid-19, Maria Van Kerkhove, said over the past four weeks cases across Europe had soared over 55%, despite an "ample supply of vaccines and tools", and colleague Dr Mike Ryan said Europe's experience was a "warning shot for the world".

It came as Germany recorded more than 37,000 daily Covid cases on Friday, a record high for the second day running. The incidence rate per 100,000 people is now higher than it was in April, at 169,9, but well below the level in the UK.

Public health officials are worried that the fourth wave of infection could lead to a large number of deaths and pressure on the European health system.

Those who have not been vaccinated are seen at particular risk.

The UK is ramping up its Covid vaccine booster campaign - part of an attempt to reduce the impact of the new Omicron variant, currently spreading across a number of countries.

Almost 20 million boosters or third doses have been given so far.

Watch Live: Downing Street Covid-19 Omicron Update

Speakers: - Prime Minister Boris Johnson - Sir Patrick Vallance, Chief Scientific Officer - Prof Chris Whitty, Chief Medical Officer, England

Market implications

The pound is attempting to correct the dominant downtrend vs the greenback on Wednesday. However, the market would be expected to flip if the outcome of the address to the nation will require social distancing restrictions, for say, for the unvaccinated, partially vaccinated or even all members of the population.