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According to the latest data published by the French Health Ministry on Saturday, the number of new coronavirus cases in the country soared by a record high of 26,896, bringing up the tally to 718,873.

France reported 54 new deaths as the total fatalities rose to 32,684.

Meanwhile, the UK recorded 15,166 new coronavirus cases, as the total count tops the 590,000 mark. Britain’s virus reproduction number (R-value), is now between 1.2 and 1.5, a tad lower from last week’s range of 1.3 and 1.6.

Across the Atlantic, new infections in the US hit two-month highs of 57,420 on Friday, according to data from Johns Hopkins University. Friday’s surge of cases marks the third consecutive day of 50,000+ reported cases in the US.

Meanwhile, on Saturday, 16,241 new cases and 202 new deaths were reported, the latest Johns Hopkins data showed.

Market implications

The massive surge in the virus cases across the Atlantic could likely play a spoilsport to the risk-on sentiment on the global markets, in the wake of the increased push for a US fiscal stimulus package.

In that case, the safe-haven bids for the US dollar could re-emerge and weigh on the riskier assets. However, the likelihood of the US Congress reaching a stimulus deal ahead of the Presidential election could limit the recovery attempts in the greenback.

The US dollar index tanked 0.60% on Friday to hit a two-week low at 93.00.