Coronavirus update: Washington reports two more deaths, UK Health Minister Dorries infected

Anil Panchal FXStreet

While the US Coronavirus Task Force Briefings failed to provide any more details of President Donald Trump’s ‘major’ economic response to the pandemic, news concerning the coronavirus (COVID-19) outbreak weighs on the trading sentiment.

Among them, updates from the Washington State concerning two more deaths, taking the total to 24, as well as infection to the UK Health Minister Nadine Dorries grabbed the headlines.

Risk-tone witnesses fresh downside pressure

Following the news/updates, the market’s risk tone fails to extend the previous recovery. This could be witnessed in the S&P 500 Futures’ 1.4% declines to 2,835 despite the previous day’s positive closing by Wall Street.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD keeps the offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

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 battles to retain the positive momentum

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.