Americans, much like Europeans, have begun hoarding again as another wave of Covid is hitting the populations. It appears that this time the acceleration in the numbers is much faster and we can expect many more infections to come as winter begins to hit the northern hemisphere.
France last night has gone into a full lockdown for a month, which means that the last number of businesses who were just managing to claw back their livelihood will likely be buried by the lockdown. A growing number of unemployed and business bankruptcy is not the solution to fighting the virus. These decisions will have grave impacts on our future and set back our progress more than is obvious right now.
In the markets:
Due to the recent lockdown in France, we can expect more to come and therefore the monetary policy meeting today will have to address how the eurozone will proceed to mitigate this financial collapse that is imminent if lockdowns continue. Expect a measure of volatility for EURUSD and a weakened dollar is the story we see unfolding so we can expect a rise in GBPUSD and Gold.