· The dollar fell against the yen on Tuesday as underlying concerns about the economic shock wrought by the coronavirus crisis kept many investors on edge.
The pound clawed back some recent losses against the dollar, but sentiment for sterling remains fragile after British Prime Minister Boris Johnson was moved to intensive care after his coronavirus symptoms worsened.
The yen cheered Japanese Prime Minister Shinzo Abe’s unveiling of a massive fiscal stimulus worth almost $1 trillion to offset the economic impact of the pandemic.
Traders warned that further gains in the yen may be limited because Abe has agreed to declare a state of emergency for Tokyo and other parts of Japan to slow coronavirus infections.
“Signs of a slowdown in the spread of coronavirus provided markets a boost, but the reality is we cannot be certain, so it’s natural for the dollar to come lower,” said Takuya Kanda, general manager of the research department at Gaitame.com Research Institute in Tokyo.
“It’s difficult to trade solely on the factors from one country, because so many countries are in a bad state because of coronavirus.”
The dollar fell 0.43% to 108.76 yen JPY= on Tuesday. Against the euro EUR=EBS, the dollar eased to $1.0837.
The pound GBP=D3 rose 0.38% to $1.2394 on Tuesday following a 0.3% decline on Monday. Against the euro, sterling EURGBP=D3 held steady at 88.21 pence.
Latest on the spread of the coronavirus around the world
- Total confirmed cases: More than 1,349,605
- Total deaths: At least 74,811
- The coronavirus COVID-19 is affecting 209 countries and territories around the world and 2 international conveyances: the Diamond Princess cruise ship harbored in Yokohama, Japan, and the Holland America's MS Zaandam cruise ship.
- US cases: At least 367,650 (+646), and deaths: 10,943
- Thailand cases: At least 2,258 (+38), and deaths: 27 (+1)
· UK's Johnson fights worsening coronavirus symptoms in intensive care
British Prime Minister Boris Johnson was being treated for worsening coronavirus symptoms in an intensive care unit on Tuesday, with his foreign minister deputizing for him as the nation tackles the COVID-19 crisis.
Johnson, 55, was admitted to St Thomas’ Hospital in central London late on Sunday after suffering persistent coronavirus symptoms, including a high temperature, for more than 10 days.
His condition rapidly deteriorated over the next 24 hours, and he was moved to an intensive care unit - where the most serious cases are treated. Although he had received oxygen, his office said he was still conscious.
- The city of Los Angeles and all of Los Angeles County both reported the first single-digit percentage point increases since the crisis ramped up in March, the city’s mayor, Eric Garcetti, said during a Monday briefing on the local response to the breakout.
The city added 192 confirmed coronavirus cases, bringing the total to 2,851, while the county had 420 new cases for a total of 6,360. The city and county increases were both up 7%.
- China’s National Health Commission (NHC) reported 32 new cases, and no deaths as of April 6 — the first time the country posted no deaths since January when it started publishing daily updates.
- Japanese Prime Minister Shinzo Abe said fiscal spending under Japan’s massive stimulus package to tackle fallout from the coronavirus pandemic will total 39 trillion yen ($357 billion), according to a Reuters report, citing local news agency Jiji.
- Philippine President Rodrigo Duterte has agreed to extend lockdown measures in his country until April 30, reported Reuters.
- South Korea on Tuesday reported 47 new cases of infection for the second day running. There were six additional deaths.
· Brexit trade deal gets tougher as coronavirus strikes officials on both sides
The Brexit trade deal will face greater challenges ahead as British Prime Minister Boris Johnson is now in intensive care because of the coronavirus, while other key negotiators have either been infected or are in self-isolation..
“In all circumstances it’s very difficult to imagine how some sort of large scale trade deal between the U.K. and the EU gets done by the end of the year,” Amanda Sloat, a senior fellow at Brookings Institution, told CNBC on Tuesday.
· Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and big production cuts will be needed.
Brent crude LCOc1 was up by 80 cents, or 2.4%, at $33.85 a barrel by 0657 GMT after falling more than 3% on Monday. West Texas Intermediate (WTI) crude CLc1 was up by 83 cents, or 3.2%, at $26.91 a barrel, having dropped nearly 8% in the previous session.
Reference: CNBC, Reuters, Worldometers
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