Markets Spooked Amid Covid Cases – Back To Risk Off?
Over the weekend, there has worrying covid-19 data releases, as listed below:
- US has seen +44,000 new coronavirus cases
- Texas cases rose by +5,000 cases, this is now the 7th consecutive day in which cases have surpassed 5,000.
- California cases rose by almost +5,000 to over +200,000 as of Saturday.
- Florida cases increased by more than +8,000.
- Following California experiencing a high number of covid-19 cases, California Governor Newsom announced that he will be implementing lock down measures.
It is evident that covid-19 cases are accelerating to the point where certain states have now had to revert back to strict lockdown measures. As these worries mount and death polls increase, risk FX (AUD, NZD, CAD) are likely going to feel pressure whilst safe havens (Gold, CHF, JPY) should see continued support overall.