Coronavirus update: Italy locks down 16 million people to stop disease spread, EUR/USD negative
|Giuseppe Conte, Italy's Prime Minister, has signed a decree that severely limits transport in the region of Lombardy – which includes Milan – and other northern provinces. The government attempts to stop the spread of coronavirus. The number of Covid-19 cases nears 6,000, with the death toll reaching 223.
The drastic step – that is in effect at least until April 3 – puts around 16 million people in lockdown, a quarter of the population in the eurozone's third-largest economy.
The government bans entry to and exit from Lombardy and closes down cinemas, theaters, gyms, pubs, and discos. Funerals and weddings are also forbidden. Nicola Zingaretti, the leader of Italy's Democratic Party, announced on Saturday that he tested positive for coronavirus.
Italy's industry is concentrated in the north of the country, and the decree implies severe economic damage, at least in the short term.
The signing, early on Sunday, is set to impact the euro negatively when trading resumes in Asia on March 9.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.