According to Bloomberg News, strategists in Europe, including at Rabobank, Societe Generale SA and BMO Capital Markets, cited the rise in infections in their client notes as a worrying statistic.
There was mounting evidence that a loosening of lockdowns risks an increase in the number of infections, said foreign-exchange strategists at Rabobank, Jane Foley and Piotr Matys, in an emailed note. Another case in point is South Korea, which relied on people’s willingness to get tested to curb the spread of the virus, saw an increase in infections tied to people who frequented bars. Previously, the number of new daily cases dropped to one or two, and sometimes zero.
The news out of Asia comes just in time for Anthony Fauci’s testimony during a US Senate hearing Tuesday. The top infectious diseases expert will warn the nation against the dangers of easing lockdowns prematurely.The re-emergence of cases confirms what currency options traders have been warning for weeks, to beware the virus’s second coming.
They’ve been expressing their concerns with bets the Swiss franc, a haven asset, will strengthen to one per euro for the first time in five years. Demand for nine-month and one-year long-dollar contracts is high.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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