COVID-19 CASES STILL ON THE RISE – Latest Figures

• US CDC reported coronavirus cases rose 37,667 to 2,374,282 and the death toll rose by 692 to 121,809. while a major newswire tally suggested that US coronavirus cases increased by a record of at least 39,818.

• Texas coronavirus cases rose 4.8% (Prev. 7-day avg. +3.9%), Texas Governor Abbott announced a halting of the next phase of reopening for the state’s economy and signed an executive order relating to the need for increased hospital capacity during the COVID-19 disaster, while it was also reported that Houston, Texas area ICU’s have reached maximum capacity

• South Africa, which accounts for about half of the infections on the African continent with 118,375, reported a record 6,579 new cases, as transmissions increase after it loosened what had been one of the world’s strictest lockdowns earlier this month

• US President Trump said the US had the best employment numbers and best economy it ever had before the pandemic which he referred to as the China virus, while he suggested there will be a vaccine ready for COVID-19 by year-end. Furthermore, President Trump tweeted that the increase of coronavirus was due of great testing and suggested the mortality rate has gone down

What Does this mean for you ?

• Trump’s recent comments on there being a ‘vaccine’ towards the end of the year could provide slightly upbeat momentum in markets, with risk FX such as AUD,NZD and CAD under pressure. However the currently rising covid-19 cases are likely to cap any real upside for risk FX, more range bound movements.