Search ForexCrunch

According to the latest data published by the French Health Ministry on Saturday, the number of new coronavirus cases in the country spiked by a whopping 14,412, bringing up the tally to 527,446.

Note that a daily record of 16,096 new infections was set earlier this week. France reported 39 new deaths as the total fatalities rose to 31,700.

Meanwhile, the UK recorded 6,042 new coronavirus cases and 34 deaths a day before, despite the latest activity restrictions.

The official data showed the rolling seven-day average of daily cases has surged by 54% in a week. The death toll now stands at 41,971.

Infectious disease modeling expert Professor Graham Medley, who sits on the Scientific Advisory Group for Emergencies (SAGE), said: ‘At a level of 10,000 (cases) we are seeing now, means that in three or four weeks we are going to see 100 deaths a day.”

Across the Atlantic, the US Centers for Disease Control and Prevention (CDC) on Saturday reported 7,009,216 confirmed cases, an increase of 50,584 from its previous count while the death count rose by 851 to 203,180.

Bringing in some optimism amid the coronavirus resurgence globally, the US pharmaceutical giant Johnson and Johnson Inc COVID-19 vaccine trial is reported to have shown a strong immune response to the coronavirus with a single dose in the early trial stages. 

The company’s potential vaccine is the fourth vaccine in the final phase of trials

Market implications

The vaccine optimism could likely be negated by the continued spike in cases across the Euro area and the UK.

The US dollar, therefore, could continue to draw haven bids starting out the Non-Farm Payrolls (NFP) week on Monday.

The US dollar index settled the week closed to nine-week highs of 94.74.