Coronavirus update: Germany reports fourth straight drop in daily rate of new cases

Dhwani Mehta FXStreet

According to the German disease and epidemic control center, Robert Koch Institute (RKI), the number of confirmed coronavirus cases rose to 95,391, with a total of 1,434 deaths reported on Monday.

Cases rose by 3,677 in Germany when compared with Sunday’s 5,936 new infections, marking the fourth straight drop in the daily rate. The death toll climbed by 92.

Despite the growing cases of infection, the curve seems to be flattening, with an average of approximately 9% rise in the confirmed new cases over the past week.

A recession is almost priced-in for Europe’s most powerful economy in the coming quarters, with the IFO institute stating that the exports expectations in the country’s auto industry are at their lowest since March 2009.

EUR/USD reaction

On improvement in Germany’s virus situation, the shared currency saw a fresh leg higher, as EUR/USD tests highs near 1.0830. The focus now remains on the German Factory Orders for fresh incentives.

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.

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