Coronavirus update: 140,904 confirmed cases in US, 11,591 fatalities in Italy

Eren Sengezer FXStreet

The number of confirmed coronavirus infections in the United States rose to 140,904 from 122,653, the Centers for Disease Control and Prevention (CDC) reported on Monday. The death toll in the country increased to 2,405.

In Italy, new cases increased by 4,050, the lowest reading since March 17th, to bring the total to 101,739. Fatalities in the country rose by 812 to 11,591.

Elsewhere, confirmed infections in Canada climbed to 6,671 from 6,258, Turkey reported that the coronavirus-related deaths increased to 168 and the total number of cases stood at 10,827 with 1,610 new infections. Moreover, the latest data from the UK revealed that there are 22,141 positive cases with 1,408 fatalities as of Monday morning.

Market reaction

Wall Street's main indexes extended the daily rally despite these developments. As of writing the Dow Jones Industrial Average was up 2.15% on the day while the S&P 500 and the Nasdaq Composite were adding 2.5% and 3.5%.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.