US health official Fauci: Coronavirus could become seasonal

Ross J Burland FXStreet

US health official Fauci says coronavirus could become seasonal, cyclical and US needs to be prepared for that. The headlines comes as the White House and US COVID-19 Task Force give their daily briefing.

Key notes

Trump says if we have to go back to congress for more money we will.
Mnuchin says our expectation is the coronavirus relief legislation passes the Senate Wednesday night.
Trump says he doesn't want 350 million Americans tested for coronavirus.
Trump says world health organization very much biased toward China.
Trump says in making a decision after 15-day guidelines expire next week he will not do anything rash or hastily.
US Vice President pence says white house coronavirus task force will give trump recommendations on when to restart the economy.
White House coronavirus task force member Birx says we are close to working through the testing backlog.
US health official Fauci says coronavirus could become seasonal, cyclical and u.s. needs to be prepared for that.

Market implications

Markets were bid on the basis that President Donald Trump said on Wednesday he would sign a $2 trillion legislative package to address the economic impact from the coronavirus pandemic into law immediately after it is passed and encouraged lawmakers to bring it over the finish line.

"I encourage the House to pass this vital legislation and send the bill to my desk for signature without delay. I will sign it immediately," Trump said.

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.

EUR/USD looks to regain the 200-day SMA

EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold bounces off lows, back above $5,100

Gold remains on the defensive, eroding part of the recent multi-day advance and managing to trade back above the $5,100 mark per troy ounce on Tuesday. The precious metal initially dropped just below the critical $5,000 threshold on the back of the persistent strength of the Greenback, higher US Treasury yields across the curve and investors' repricing of Fed rate cuts.