California governor declares state of emergency over coronavirus

California Gov. Gavin Newsom has declared a state of emergency in response to the coronavirus outbreak. The proclamation is to help advance resources to help California prepare for a broader spread of the virus. Newsom said during today’s press conference that the proclamation “is not about money, it’s about resourcefulness.” He also explained that the proclamation will loosen up the regulatory environment, provide clarity, will also allow the state to preempt local land use. It will also help jurisdiction share information and data, advantageous to address the spread, Newsom said.

“Money is not the issue,” Newsom added.

Over 9,400 people are being monitored by 49 jurisdictions of California, Newsom said. It was previously reported that 8,400 people were being monitored.

Meanwhile, the Senate is scheduled to vote on coronavirus funding at 1:45 p.m. ET Thursday. The House passed the $8.3 billion coronavirus response package this afternoon in an effort to send billions of dollars to deal with the coronavirus outbreak.

FX implications

Greenback bulls depend on the safe haven status of the buck and a continued correction on Wall Street. While the Federal Reserve has left the door open for further easing, with the market pricing in a series of two 25 basis point cuts, should the stock markets and consumer confidence be seen to build up again, the dollar could soring back to life and be seen as the cleanest of dirty shorts once again, depending on the Fed's rhetoric, and or action, at its March meeting. The DXY is on the verge of a 23.6% Fibonacci retracement and trades slightly higher midweek.

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