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During his Coronavirus Task Force Briefings for Monday, US President Donald Trump cited fears of a big surge of virus in the next week or week and a half. The Republican leader also said that the US made tremendous progress on therapeutics.

Key quotes

Next week, week and a half will show big surge of virus.

Made tremendous progress on therapeutics.

Amicable agreement reached with 3M over masks, delivery of some 165 million masks in coming months.

We will allow the US Navy ship in New York to become a hospital for people living with the Coronavirus.

We are taking preventive measures because the large numbers of casualities are stabilizing.

FX implications

Given the traders’ active reaction to any coronavirus news from the US, the market’s risk-tone turned heavy after the news as S&P 500 Futures slips 0.30% by the press time.