COVID-19 cases in the United States topped 3.46 million as of Wednesday afternoon


The number of COVID-19 cases in the United States topped 3.46 million as of Wednesday afternoon.

There have been more than 136,000 deaths, according to the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University.

California is getting special attention considering how rapidly the virus is spreading. 

The number of cases in California is now on pace to double every 29.2 days, a number used to measure how quickly the virus is spreading.

Coronavirus can infect people so rapidly that it has continued to spread despite shutdown orders aimed at slowing the growth of new cases and flattening this line.

Over the past week, the state has averaged 8,902 new cases and 95.6 new deaths per day.

California coronavirus cases today are at 11,126 vs 7346 yesterday.

Outlook for the US dollar

The path of the US economy largely depends on developments involving COVID-19 as the country has failed to control the pandemic, Patrick Harker, president of the Federal Reserve Bank of Philadelphia, said at a virtual event by the Center City Proprietors Association.

Despite the enormous sacrifices made by tens of millions of Americans, the country has still failed to control the virus.

A Fed president might like to think otherwise, but there is only so much policymakers can do right now to affect the economy.

Our country's economic performance in a large part depends on what happens with COVID-19, 

Harker said.

The US dollar has prospered in the wake of the virus, and the rationale should be that it would tread softer grounds on signs of a peak or a vaccine.

We have one of those for the playbook in the mix with the news that a vaccine could be on the way. 

An experimental vaccine, developed by Fauci's colleagues at the National Institutes of Health and Moderna Inc is the first COVID-19 vaccine tested in the US and it has been reported to have heightened 45 volunteers immune systems just the way scientists had hoped.

"No matter how you slice this, this is good news," Dr. Anthony Fauci, the US government's top infectious disease expert, told The Associated Press.

There is an inflationary theme tied to this which, over time, would likely support the case for a softer dollar. 

Emerging markets have been on the move over the course of the recovery from the viruses initial impact which has had a direct negative correlation to the dollar. 

A continuation in the trend of the MSCI to the upside will potentially have negative impacts on the DXY going forward. 

Hourly resistance playing out as well for near term structure analysis:

 

 

 

 

 


 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD recovers towards 1.1750 as risk-on rules

EUR/USD is back around 1.1750 as upbeat US data fueled equities' early rally. Concerns about economic progress remain in the background, as the pandemic keeps taking its toll. 

EUR/USD News

GBP/USD bounces from 1.30 as demand for the dollar eases

Dollar's corrective advance seems complete, now down against most major rivals. GBP/USD trades little changed for a second consecutive day in the 1.3060/70 price zone. Market players continue to ignore upcoming Brexit chaos.

GBP/USD News

Gold: Interesting Fibonacci extension projects a move to $2500

Gold has risen 10.74% in the month of July, the biggest monthly increase since February 2016. As the price is breaking all-time highs it's hard to say where the yellow metal could end up.

Gold News

ETH/BTC skyrocketing, Bitcoin stays above $11,000

The cryptocurrency market is influenced by leveraged positions liquidation. Cryptocurrency experts expect further growth amid a global flight to safety assets. ETH/BTC hits the highest level since May 2019.

Read more

WTI drops below $40 on demand worries, OPEC+ output increase

Crude oil prices posted losses last week and seem to be struggling to shake off the bearish pressure on Monday. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $39.85, losing 1.5% on a daily basis.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures