US Pres. Trump: Will invoke Defense Production Act against coronavirus

Dhwani Mehta FXStreet

While addressing the press briefing with Coronavirus Task Force on Wednesday, US President Trump said that he will invoke Defense Production Act against coronavirus.

Key quotes

Will sign act shortly after news conference.

FEMA activated in all regions.

Two hospital ships being prepared to go to New York.

Will hold second news conference Wednesday or Thursday regarding FDA and coronavirus.

One hospital ship to be positioned on west coast after saying both would go to New York.

Potential for 20% unemployment a worst-case scenario, we are nowhere near it.

USD reaction

The US dollar hits the highest levels since March 2017 against its main competitors, with the US dollar index now trading at 101.26, up 1.68% on the day.

Mounting coronavirus concerns on the global economic growth and liquidity crunch in the markets has fuelled the massive surge in the demand for the greenback.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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