Coronavirus update: Beijing’s new cases tick higher; US virus situation remains grave

Dhwani Mehta FXStreet

According to China’s National Health Commission (NHC), Beijing city reports 13 new coronavirus cases as of end-June 24 vs. 7 cases reported a day earlier.

Further details

China reports 19 new coronavirus cases in the mainland as of end-June 24 vs. 12 a day earlier.

China reports 5 new imported coronavirus cases in the mainland as of end-June 24 vs. 3 a day earlier.

China reports 1 new asymptomatic coronavirus cases in the mainland as of end-June 24 vs. 3 a day earlier.

Total of 83,449 confirmed coronavirus cases in the mainland as of June 24.

Meanwhile, the US had its largest single day total of new COVID-19 cases on Wednesday with over 36,000. the previous high was April 25 with 24,203, as cited by the Chinese news outlet, CGTN.

Nevada Governor signed an order to require face masks to be worn in public late Wednesday. Texas Governor said that there is a massive virus outbreak sweeping the state.

Citing economists, the LA Times reported that California is unlikely to recover to its pre-coronavirus prosperity over the next three years.

Market reaction

The risk sentiment is somewhat improving in Asia following the blood bath on Wall Street overnight despite the downbeat virus status coming in from Asia-Pacific.

S&P 500 futures have flipped to mild gains above 3050 while the Japanese stocks are off their daily lows.

AUD/USD is challenging highs near 0.6875 as USD/JPY struggles to extend gains above 107.00.

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD consolidates below 1.1700 as markets turn risk-averse

EUR/USD struggles to stage a rebound and trades near the lower limit of its weekly range below 1.1700 on Thursday. The US Dollar benefits from the cautious market stance and doesn't allow the pair to gain traction ahead of mid-tier data releases.

GBP/USD stays in red near 1.3450 on broad USD resilience

GBP/USD stays on the back foot after posting losses for two consecutive days and trades near 1.3450 on Thursday. The souring market mood amid simmering geopolitical tensions make it difficult for the pair to gain traction as focus shift to the the US labor market data.

Gold sticks to intraday losses below $4,450; seems vulnerable to slide further

Gold maintains its offered tone in the second half of the day and trades below $4,450 after posting daily losses on Wednesday. The downfall lacks any obvious fundamental catalyst and could be attributed to some follow-through profit-taking ahead of the release of the US Nonfarm Payrolls report on Friday.

Pi Network flashes bearish potential as selling pressure mounts

Pi Network trades above $0.2000 at press time on Thursday, following a nearly 2% decline the previous day. Centralized Exchanges have received 1.90 million PI tokens over the last 24 hours, suggesting risk-off sentiment among holders. The technical outlook for the PI token remains bearish, with a risk of a cross below the 20-day Exponential Moving Average.

2026 economic outlook: Clear skies but don’t unfasten your seatbelts yet

Most years fade into the background as soon as a new one starts. Not 2025: a year of epochal shifts, in which the macroeconomy was the dog that did not bark. What to expect in 2026? The shocks of 2025 will not be undone, but neither will they be repeated.