COVID-19 death toll surpassess bleak milestone of 300k

As markets turn sour this week, the death toll of the coronavirus passes another bleak milestone with more than 300,000 people around the world that have died. According to figures from Johns Hopkins University, there have been more than 4.4 million cases recorded worldwide. While these figures are a guide, the numbers are likely to be far higher considering the nature of the virus and its high contagion capability.

For markets, it means the relaxing of measures imposed in an attempt to cap the spread of the virus will likely cause a fresh wave of new cases and increase the global death toll. This has been weighing on the market this week as equities struggle to find traction. The World Health Organization official warned that the virus "may never go away."

AUD/JPY in focus

This week, we have seen a surge in the US dollar, AUD unable to break higher, the price of gold extend gains and the yen firm. AUD/JPY has been forming a top in a medium-term outlook: AUD/JPY looking ripe for a short. If AUD/JPY repeatedly fails at the 70 handle, it could be the making for the next bearish impulse and an extension of the 2020 short.