Victoria records 374 new cases of coronavirus and three more deaths

Ross J Burland FXStreet

The Guardian reported that Victoria has recorded 374 new cases of coronavirus in the past 24 hours, and three more people have died.

The three people who died are a woman aged over 100, a woman in her 90s and a woman in her 80s.

NSW has recorded 13 new cases of coronavirus

In other news, the Guardian reported that NSW has recorded 13 new cases of coronavirus in the 24 hours to 8pm last night, a statement from NSW health has said.

That brings the total number of cases in NSW to 3,410.

The 13 new cases are:

Ten people associated with the Thai Rock Restaurant in Stockland Mall at Wetherill Park: four people who dined at the restaurant and six contacts of people who dined there. The two cases reported on Monday at Our Lady of Lebanon Cathedral are contacts of a diner at Thai Rock.
Two people who were contacts of cases linked to the Crossroads Hotel cluster, bringing the size of that cluster to 50.
One overseas traveller in hotel quarantine.

Market implications

It is a fluid situation but the markets remain optimistic with respect to a vaccine.

Markets are trading long opportunities in the crosses, such as the following, and leaning on US dollar weakness:

AUD/JPY 15-min chart long entry strategy playing out

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 dips below 1.3350 with bullish momentum losing steam

The British Pound ticks lower against the US Dollar Monday, attempting to close a seven-day rally, as tensions rise again in the Strait of Hormuz, one of the critical points in the peace process between Washington and Tehran. The GBP/USD pair trades near 1.3340 at the time of writing, down from 1.3387 highs last week, although it maintains a near-term bullish trend intact.

EUR/USD clings to daily gains, still below 1.1450

EUR/USD manages to shrug off the initial bearish tone and advances toward the 1.1440-1.1450 band on Monday, up modestly for the day. Meanwhile, the pair’s mild gains comes on the back of the lack of clear direction in the Greenback in quite an apathetic start to the week.

Gold remains offered below $4,200

Gold comes under fresh downside pressure on Monday, reversing three daily upticks in a row and meeting some initial resistance around the $4,200 mark per troy ounce. Safe-haven demand has shifted toward the US Dollar as renewed tensions surrounding the Strait of Hormuz weigh on market sentiment, limiting the precious metal's upside.

XRP extends decline as risk-off sentiment, fading retail demand weigh

Ripple (XRP) sustains losses on Monday, edging lower toward the short-term $1.10 support. XRP failed to sustain momentum above $1.20 on the previous day, prompting profit-taking amid a broader crypto market drawdown attributed to mild inflows into related digital investment products, declining retail participation and macroeconomic uncertainty.

The US Dollar just beat the Swiss Franc at its own safe-haven game

As the king among safe havens, the Swiss Franc is supposed to benefit from geopolitical shocks such as the Iran war. This time, it didn’t. The Swissie is nearly 6% below January’s peak against the USD after a sharp decline that came along with the war in Iran and the closure of the Strait of Hormuz.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.