In the US, the coronavirus death toll continues to rise. This week, the US reported the number of coronavirus infections rising above 163,000 with over 3,000 reported deaths.
On Monday, the death toll surged by 540 cases, marking the highest number of deaths of the crisis so far in the US. In light of these recent figures, the US now has more recorded cases of coronavirus than any other country.
US Death Toll Passes 1,000
Within the US, New York has been the worst-hit region with over 1,000 deaths reported so far. With the death toll continuing to rise, the lockdowns in place across the US are growing in number.
However, despite the clear intensification of the situation there, President Trump has been quick to downplay the threat from coronavirus. He also reassured the nation that the country has more than enough resources to cope with the unique requirements of the situation.
Speaking at the Coronavirus Task Force briefing held at the White House this week, Trump said:
“We have now 10 companies at least making the ventilators, and we say go ahead because, honestly, other countries – they’ll never be able to do it.”
Trump: US to Be in Very Good Shape
Questioned on whether the US would be able to handle the spike in infections predicted, the US President said:
“I think we’re going to be in a very good shape.”
Trump said that the high number of cases in the US was simply due to the fact that the US is carrying out more testing than other countries, He claimed that the US had carried out “more than any other country by far. Not even close”.
Continuing with his comments, Trump said that although:
“Challenging times are ahead for the next 30 days…We will have a great victory,”
Trump has maintained a resolutely positive tone over recent days. Despite the deteriorating situation, Trump has reassured citizens and investors alike that the US will be “open for business” very soon.
Questioned on whether his attempts to downplay the impact of the virus were correct, Trump said his comments were “all true.” He continued:
“I don’t want panic in the country. I could cause panic much better than even you”.
Finally, facing questions over the balance between addressing the human and financial cost of the virus, Trump said:
“The economy is number two on my list, we’re going to save a lot of lives”.
USD Capped by Bull Channel Top
The USD index is at an interesting point. After breaking above the bearish trend line from 2002 highs, price tested the top of the bullish channel and has since reversed back under the bearish trend line.
While below here, there is a risk of a further move lower, putting focus on a test of the bullish channel low. To the topside, a break back above the trend line resistance will put focus back on the 103.87 structural resistance next.