The COVID-19 cases have surpassed one million worldwide with over a death toll rate of over 50,000.
the Washington Post reported that the "global number of confirmed deaths from the coronavirus surpassed 50,000 and cases edged toward 1 million, according to tracking by Johns Hopkins University, as the outbreak continued to hit the United States and Europe especially hard."
Elsewhere, officials battled to maintain earlier successes in the fight against the novel coronavirus, weighing the desire to resume normal business operations against the risk of triggering new cases.
From an economic standpoint, it just gets worse. The latest news from the US was that a record 6.6 million Americans applied for unemployment last week. More on that here:
- Breaking: US Initial Jobless Claims rose to 6.648 million, new record high
- Fed's Kaplan: Unemployment could reach 8% at year's end
In other updates, around 60 per cent of fatalities reported worldwide have come from four European countries: Italy, Spain, France and Britain.
- BoE: Doubling size of corporate bond purchase programme to at least 20 billion pounds
- Coronavirus update UK: Death toll increased by 24% to 2,921
Market implications
Not good. The US and UK are yet to peak and, even still, what is the peak? A peak of just the initial outbreak? In China, where the world is watching for signs of another outbreak as China sends its workforce back to business again, a county of 600,000 people in Henan province has been placed on lockdown, "illustrating the dangers of declaring victory too soon as authorities grow anxious to restart economic activity without unleashing a new wave of infections," the Washington Post reported.
A return of the virus in China will be a worst-case and doomsday type scenario for humanity and global markets. We can expect volatility to remain high due to the uncertainty and fluidity of this crisis which likely supports the US dollar, CHF and yen as global stock struggle to recover while the world economy remains shut down.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD tumbles toward 1.1450 as MIddle East tensions linger
EUR/USD has come under renewed selling pressure, testing 1.1450 in the European session on Monday. The renewed US Dollar buying, amid deepening Middle East conflict, and mixed PMI data releases from Germany and the Eurozone weigh on the pair as the focus shifts to US data and central bank talks.
Could Iran block the Strait of Hormuz? Why Oil is on edge after US strikes
As the Israel-Iran conflict reaches new heights, an old threat is coming back to haunt the markets: that of the closure of the Strait of Hormuz. This narrow arm of the sea in the Persian Gulf, wedged between Iran to the north and the United Arab Emirates and Oman to the south, is much more than a simple sea passage.
Gold price hangs near daily low amid modest USD strength; downside seems cushioned
Gold price retains its negative bias through the first half of the European session on Monday and currently trades near the lower end of its daily range. The US attack on Iran’s nuclear facilities on Sunday raises the risk of a broader conflict in the Middle East and benefits the US Dollar's status as the global reserve currency.
Five fundamentals for the week: World anxiously awaits Iran's response Premium
The Middle East remains in the spotlight after a turbulent weekend. Fed Chair Jerome Powell faces lawmakers and may shed more light on the central bank's thinking, and a key inflation figure is expected later to promise a strong end to the week.
GBP/USD holds recovery above 1.3400, with eyes on UK PMI, Middle East woes
GBP/USD is holding its rebound above 1.3400 in the European session on Monday. The fears that Iran would retaliate against US attacks on its nuclear sites continue to support the safe-haven US Dollar. Investors await the June preliminary PMI readings from the UK and the US for fresh trading directives.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.