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US coronavirus deaths set single-day record increase of 2,371, totalling 30,817 – Reuters tally

Ross J Burland FXStreet

Reuters reports that the US coronavirus deaths set a single-day record increase of 2,371, totalling 30,817. Also, the CDC reported earlier a spike in new deaths of 2,330 to 24,582 – yesterday, the death toll stood at 22,252.

Wall Street Close: COVID-19 impact on US economy has investors profit taking

Meanwhile, it was a risk-off day, and the dollar came out on top, taking over form the yen as a safer haven.

USD/JPY: Volatility higher and dollar follows suit, testing bear's commitments

We have seen a jump in the DXY today with the index travelling from a low of 98.82 to a high of 99.98, despite the poor US economic data. Additionally, fresh data from the BOJ highlights that Japanese investors have been very strong buyers of foreign debt in the month of February, especially US T-bills which likely underpins the US dollar for time to come just as the Japanese and world economy heads into recession.

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Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

AUD/USD looks weaker, focus is back to 0.7100

AUD/USD reverses Tuesday’s gains and retreats markedly toward four-day troughs in the low 0.7100s ahead of the opening bell in Asia. The firmer tone in the Greenback weighs on the risk complex amid unabated tensions on the US-Iran front, prompting the Aussie to shed part of recent gains and refocus on the downside. Moving forward, Australian trade balance results should entertain investors early on Thursday.

Japanese Yen bounces up from lows after Japan PM Takaichi’s intervention warnings

The Japanese Yen bounced up from five-week lows against the US Dollar, turning positive on the daily chart, as Japan’s Prime Minister Sanae Takaichi warned that Tokyo is ready to take action against Yen weakness. The USD/JPY pair has pulled back from the 160.00 level, considered a line in the sand for Japanese authorities, to hit session lows at 159.55.

Gold remains under bearish pressure, looks at $4,400

Gold keeps the offered stance well in place, retreating toward the $4,430 region per troy ounce, or four-day lows, on Wednesday. The yellow metal’s retracement comes in response to escalating tensions in the Middle East, which in turn continue to drive oil prices higher while reinforcing the idea of a tighter-for-longer Fed.

XRP eyes rebound despite muted ETF demand

Ripple (XRP) rebounds above $1.23 from support at $1.20 at the time of writing on Wednesday, as the broader cryptocurrency market pares losses triggered by escalating tensions in the Middle East. Appetite for risk assets remains generally low as the United States (US) and Iran exchange fire amid a fragile ceasefire and peace negotiations.

The upside-down math of debt

In 2010, Professors Carmen Reinhart and Kenneth Rogoff published a paper, Growth in a Time of Debt, which instantly went viral. The main thesis of the paper was that once a government's debt-to-GDP ratio crosses above 90%, a financial crisis and default are around the corner.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.

US coronavirus deaths set single-day record increase of 2,371, totalling 30,817 – Reuters tally

Wall Street Close: COVID-19 impact on US economy has investors profit taking

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