Coronavirus Update: Australia’s NSW sees highest cases for 2021, S. Korea records 1200+ new infections

Dhwani Mehta FXStreet

The light at the end of the tunnel still remains distant in these coronavirus dire times, as the virus wave across the Asia-Pac region is tightening its grip.

The latest update states that Australia’s state of New South Wales (NSW) reported the biggest daily rise in new cases for 2021 so far, with the Sydney lockdown fully extended until July 16.

South Korea reported a daily record high of 1,275 new covid infections on Thursday.

On Wednesday, Indonesia reported a record 31,189 new COVID-19 cases and 728 deaths. The South-East Asian nation has extended restrictions until July 20.

Meanwhile, the Japanese government is seeking a renewed Tokyo state of emergency.

Market reaction

The market mood remains dour amid cautious FOMC minutes and rising virus concerns, with the S&P 500 futures losing 0.13% on the da to now trade at 4,344. The Asian stocks are mostly in the red.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD falls to near 1.1600 due to persistent bearish bias

EUR/USD depreciates after registering modest gains in the previous session, trading around 1.1610 during the Asian hours on Thursday. The technical analysis of the daily chart suggests a persistent bearish bias as the EUR/USD pair remains within the descending channel pattern.

GBP/USD underperforms as UK faces stagflation risks amid Middle East war

The Pound Sterling trades lower against its major currency peers, is down 0.22% around 1.3340 against the US Dollar, during the Asian trade on Thursday. The British currency faces selling pressures amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, a situation in which inflation accelerates with economic growth and employment conditions remaining stagnant.

Gold buyers stay hopeful amid Middle East war, China growth woes

Gold is building on the previous rebound in Thursday’s Asian trades, testing offers once again at the $5,200 threshold. Deeper escalation of the Middle East war and dovish US Federal Reserve monetary policy outlook continue to support Gold.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Bitcoin trades above $72,500 at press time on Thursday, holding its 6% gain from the previous day, contributing to a broader market recovery. The total cryptocurrency market capitalization stands at over $2.43 trillion as the broader market sentiment improves significantly.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Bittensor extends recovery despite retail demand slump

Bittensor, a leading Artificial Intelligence token, is aging up above $190 at the time of writing on Wednesday. Steady price increases characterise the broader crypto market, with Bitcoin holding above $71,000 and Ethereum above $2,000.