It’s increasingly clear that Italy is in a new virus wave

Cases near the highs of the year

Cases near the highs of the year

Italy reported 24,036 new virus cases today. Aside from the January 5 report (which was really two days in one), this is the highest reading since December 4.

Italy has vaccinated 1.5m people in a population of 60m and just 212K in the past 14 days. The rise in cases helps to explain why vaccines destined for Australia were confiscated this week.

These rising numbers will be a drag on the euro and raise the odds that the ECB will act at the upcoming meeting. They’re also a small headwind for global commodity demand.

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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