US covid outbreak uncontrolled throughout all states

Nearly every US state is now classified as having an uncontrolled spread of the virus.
Investors positioning for prolonged fiscal stimulus measures and move away from economically growth-sensitive stocks.

Ross J Burland FXStreet

The trajectory of the US coronavirus spread has been going from bad to worse in recent weeks with new cases surging across all states of America.

Texas has just become the first state to hit one million in total cases.

Other states, including Illinois, Wisconsin, Minnesota, California and Florida, have also seen numbers rise.

CBS News reports 15 states saw the numbers of patients in the hospital due to the virus double in the last month.

According to a study by covidexitstrategy.org, nearly every US state is now classified as having an uncontrolled spread of the virus.

While Americans' attention has been centred on the outcome of the presidential election, the country quietly hit a grim milestone, marking a record-breaking 102,831 last week in new COVID-19 infections for a single day.

Update: 144,000 new confirmed cases 11/11/2020.

The US has been seeing more than 100,000 new cases per day over the last 10 days in what experts say may be a worse outbreak than those seen in the spring and summer.

There are now over some 10 million confirmed US cases and 239,732 deaths so far.

The death toll is moving up to an average of over 900 a day and experts have warned hospitals across the country could soon be overwhelmed.

The Wall Street Journal has written that New York will set a 10 p.m. curfew for most bars and restaurants and will limit gatherings at private residences to 10 people as the number of novel coronavirus cases and hospitalizations continued to rise around the state.

The Democratic governor, Gov. Andrew Cuomo said Wednesday, has been reported by the WSJ to have also said gyms must close by 10 p.m. The new restrictions take effect on Friday.

''Mr. Cuomo said private gatherings, bars, restaurants and gyms have been a source of increase for the virus, which killed 21 New Yorkers on Tuesday.''

Meanwhile, the US infectious disease chief Dr Anthony Fauci offered some hopeful news.

He said the new Covid vaccine by Pfizer, which in human trials suggest it is 90% effective, was expected to go through an emergency authorisation process in the next week or so.

Welcomed news of the vaccine wearing off

As for the markets, the welcomed news of the vaccine has started to wear off as we have seen investors move back into the technology and away from economically sensitive sectors.

At 2:40 p.m. EST, the Dow Jones Industrial Average was losing 62.24 points, or 0.21%, to 29,358.68 and the Nasdaq Composite added 201.66 points, or 1.75%, to 11,755.51.

The US dollar's relief rally is also coming under pressure as markets prepare for prolonged fiscal stimulus measures:

Author

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.

GBP/USD surges to multi-day peaks past 1.3250

GBP/USD leaves behind Friday’s small pullback and advances past 1.3250 level, or five-day highs, on Monday. Cable’s upside follows extra losses in the Greenback, while traders continue to assess the geopolitical front and upcoming key events.

EUR/USD softens to near 1.1400 as ECB tightening bets fade

The EUR/USD pair trades with mild losses around 1.1415 during the early Asian session on Tuesday. The Euro softens against the US Dollar as traders reduce their bets on the European Central Bank rate hikes this year.

Gold tumbles 1.5% to fresh seven-month lows below $3,950

Gold remains under strong selling pressure for the second straight day early Tuesday, refreshing seven-month lows below $3,950. Renewed US-Iran hostilities over the weekend cast doubts over the sustainability of the peace deal. This, along with elevated expectations for Fed rate hikes, offers some support to the US Dollar and undermines the bullion.

Bitcoin stalls at $60K as buyer conviction fades, Strategy authorizes BTC sales

Bitcoin is trading around the $60,000 level on Monday after a sharp decline last week. With the top crypto struggling to recover, analysts suggest the market remains firmly in defensive territory as investors await stronger signs of demand.

Just like Fed, is BoJ’s independence under threat?

When talking about central bank independence, most of the focus has been on Donald Trump’s pressure on the Federal Reserve. But a similar story, a quieter one for now, seems to be happening on the other side of the Pacific: Japan’s government may be testing the Bank of Japan’s independence.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The ECB Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Fed, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.