The rally of the euro is halted.
Keep purchases from 1.0850, stop at 1.0830.
Wait for the development of the situation.
Coronavirus in Russia: the situation is not very good.
New infections jumped to 114 thousand, about 7.5% up. Previous reviews discussed that for minimum stabilization, growth in cases should be no higher than 7% - and this is already the worst, most sluggish, and slowest stabilization path.
Active cases:
Moscow - 57,300 (+3,561 or 7%)
Petersburg - 4,400 (+350 or 8%)
Unfortunately, Russia already weakened its quarantine - authorities' statements keep on reassuring.
Moscow and St. Petersburg citizens are still aware of the danger, but in the regions and provinces, many view the quarantine negatively since: a) income have stopped as employers sent people home without payment; b) the re-opening of economies on May 11 made citizens perceive that the situation is good already, and they can relax, which is bad, as a re-outbreak is very likely.
Let's continue monitoring the situation.
Take care!
