Dr. Fauci: COVID-19 in the US is “on a trajectory of getting worse” – CNN

Anil Panchal FXStreet

Late-Monday, Dr. Anthony Fauci, director of the US National Institute of Allergy and Infectious Diseases (NIH), warned CNN’s Jake Tapper that the latest data on a rising number of the coronavirus (COVID-19) cases and projections of more deaths "jolt" the American public into reality.

The health expert also cites a model from the Institute for Health Metrics and Evaluation (IHME) developed at the University of Washington that projects another 181,000 deaths in the United States by February.

Meanwhile, the US Centers for Disease Control and Prevention (CDC) on Monday reported 7,740,934 cases of the new coronavirus, an increase of 46,069 from its previous count, and said that the number of deaths had risen by 494 to 214,108, per Reuters.

FX implications

Such news, despite given a less importance off-late, keeps escalating downside pressure on the risk sentiment. However, the market presently cares more about the US COVID-19 aid package chatters and hence ignored comments from the US health expert. In doing so, Wall Street cheered the run-up backed by technology shares.

Read: Wall Street Close: Big-tech drives rally on 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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.