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Amid a slew of US election updates, Reuters came out with the news suggesting worsening of the coronavirus (COVID-19)-led restrictions in Italy.

The report conveys the partial lockdown in Lombardy, Italy’s richest and most populous region, surrounding the financial hub Milan.

Italian Prime Minister Giuseppe Conte is also quoted in the news saying, “Our intensive care capacity could be exhausted in a matter of weeks, we have to intervene.”

Talking about the virus cases in the nation, Reuters said, “Italy saw 352 COVID-related deaths on Wednesday after registering 353 the day before, the health ministry reported earlier, while the daily tally of new infections rose to 30,550 from 28,244.”

FX implications

Although the update is considered risk-negative, global markets are more interested in the US election updates, which in turn propels the EUR/USD pair towards 1.1730 by the press time of early Thursday morning in Asia.