Germany RKI: We are standing at the beginning of an epidemic

Germany's Robert Koch Institute (RKI) Chief Lothar Wieler warned on Wednesday, “we are standing at the beginning of an epidemic.”

Key comments

Need to wait and see if containment measures are working.

Expects warm weather to help against the virus.

Need antibody tests to see who is immune to the virus.

Earlier today, the German disease and epidemic control centre reported that the total number of confirmed cases at 31,554 while confirming 149 deaths.

EUR/USD reaction

The shared currency remains undeterred by the rising coronavirus count as well as by deteriorating economic sentiment in Germany, as EUR/USD trade near-daily highs of 1.0847.

The spot remains mainly driven by broad-based US dollar weakness, as markets resort to ‘Sell the fact’ trading after the US reached a Bipartisan deal on the coronavirus economic package.