US President Trump and COVID-19 Task Force presser

Ross J Burland FXStreet

With 31,000 coronavirus cases in the US and rising, the US is now third-placed highest epidemic in the pandemic. As part of a daily press conference, President Donald Trump is currently speaking accompanied by the COVID-19 task force.

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Key comments

The hidden enemy is a terrible thing that is going on.
Working with Congress to supports small business and individuals.
The goal is to get relief as quickly as possible.
The economy will skyrocket.
There is pent-up demand.
We will win the war.
US President Donald Trump says US marshalling every resource available to fight 'Chinese virus'
Trump says important that Americans follow federal guidance on social distancing.
Trump says has approved new york, Washington requests for major disaster declarations; will approve California request soon.
Trump says US marshalling every resource available to fight 'Chinese virus'.
Trump says 'we are enduring a great national trial'.
FEMA administrator Gaynor says US medical ship mercy will be in Los Angeles within a week.
Trump says favors allowing members of congress to vote from an outside location on temporary basis.
Trump says he is considering releasing elderly non-violent prisoners from prison.
Trump says members of congress are close to getting a deal done on stimulus package to stem coronavirus' economic hit.

Vice President Pence

US Vice President pence says 254,000 Americans have been tested for coronavirus under the federal program; slightly more than 30,000 tested positive; figures exclude local tests.
Backlog in COVID-19 testing will be gone by middle of the week.
Says federal guidance is that all commercial labs should prioritize inpatient testing.

Market implications

CBOT 10-year US Treasury bond futures jumped as trading resumed today, with the implied yield falling to 0.67% as economic impact of coronavirus looks more dire. The US dollar is pulling in a bid on safe-haven flows coming within 1 pip of the 103 handle last week. Today, DXY stands in the 102 handle. Meanwhile, US Stock Futures Fell 5% and hit limit down.

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.

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