Coronavirus update: Italy death toll leaps to 366 amid mass lockdown, markets set to plunge

Yohay Elam FXStreet

Several hours after the Italian government decreed the lockdown of around a quarter of its population, it reported a jump in coronavirus deaths and infections. The disease has taken the lives of 366 people, up from 233. The number of cases jumped from 5,883 to 7,375.

Citizens in Lombardy which includes Milan and other regions are under strict limitations. Transport is limited in and out of the region while cinemas, theaters, gyms, discos, and pubs are closed. Funerals and weddings are also forbidden. The eurozone's largest economy previously cl

In France, the death toll jumped from 11 to 19 while in Spain mortalities advanced from 10 to 17. The world is also following cases in the US, where testing has been slow.

Stock markets will likely open lower in Asia on Monday, as coronavirus headlines continue mounting and they paint a gloomy picture.

The US dollar is on the back foot in early trading, as investors expect the Federal Reserve to cut interest rates once again.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold clings to gains as US-Iran conflict continues to underpin safe-haven assets

Gold retains positive bias for the fifth consecutive day on Tuesday as rising geopolitical tensions in the Middle East continue to underpin safe-haven assets. However, a bullish US Dollar could keep the bullion below its highest level since late January, set on Monday, warranting caution before positioning for any further appreciation.