Coronavirus update: Iran closes schools, 21 new infections in Greece, HSBC employee tests positive

Eren Sengezer FXStreet

The Iranian government has decided to close all schools and universities until March 20th, Iran's Health Ministry spokesman Kianush Jahanpur told the state TV on Thursday. The spokesman further announced that the total number of confirmed coronavirus infections in the country rose to 3,513 with 107 deaths.

Elsewhere, the World Health Organization announced that a traveller who had returned to Egypt from Serbia via France has tested positive for coronavirus to register the first case in an Egyptian national.

Meanwhile, an employee working in HSBC's research department in London has also tested positive for COVID-19, Reuters reported, citing three sources familiar with the developments. Finally, Kyodo News said that there are seven new confirmed infections in Nagoya and a spokesperson for the Greek Health Ministry noted that they have confirmed 21 new infections among a group that travelled to Egypt and Israel.

Flight to safety

Risk aversion continues to dominate the financial markets on Thursday. As of writing, the 10-year US Treasury bond yield was down 8.4% on the day and major European equity indexes were erasing between 1.4% and 1.8%.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD remains on the back foot around 1.1700

EUR/USD is coming under heavy selling pressure, hovering around the 1.1700 region in the latter part of the NA session on Monday. The pair’s severe retracement comes as the US Dollar stages a marked bounce on the back of the prevailing flight to safety atmosphere, as investors react to the escalating conflict in the Middle East.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.