Safe-haven flows surge on rising coronavirus cases!

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<a href="https://admiralmarkets.com/analytics/traders-blog/safe-haven-rising-coronavirus"><img data-resize="auto" data-resize="auto" data-resize="auto" style="width:auto;" data-src="https://fxmedia.s3.amazonaws.com/articles/remote/41c7901ed3c04ddc837c3396de96dca6.jpeg" alt="Coronavirus safe haven assets" rel=""></a>
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More than 60,000 new coronavirus infections were reported in the United States on Thursday, setting a one-day record and causing a rush into safe-haven flows in the Asia session. Reports that Hong Kong is to suspend all schools due to a spike in coronavirus cases has also weighed on risk sentiment.
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Much of the recent optimism in global stock markets has been due to the record rise in the China A50 stock market index. However, the index snapped an eight-day winning streak overnight causing investors to dump global stocks in favour of safe-have flows like the Swiss Franc and the Japanese Yen.
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Commodity currencies against the Japanese were hit particularly hard as risk-off flows prevailed. Canadian dollar against the Japanese Yen (<a href="https://admiralmarkets.com/start-trading/contract-specifications/instrument/cadjpy">CAD/JPY</a>) is likely to be in focus with the Bank of Canada rate statement the next high-risk news event on the 15 July.
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Below is the long-term, monthly price chart of Novavax Inc's share price, available via Admiral Markets on the MetaTrader 5 trading platform.
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<img data-resize="auto" src="https://fxmedia.s3.amazonaws.com/articles/remote/c71a29d8f8a5d8e7da0f01178b6f95a3.png" alt="CAD/JPY monthly chart" rel="" />
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<em>Source: Admiral Markets MetaTrader 5, CADJPY, Monthly – Data range: from 26 December 2019 to 8 July 2020. Please note: Past performance is not a reliable indicator of future results. CADJPY 5 year performance: 2019 = +4.07%, 2018 = -10.33%, 2017 = +2.95%, 2016 = +0.17%, 2015 = -15.80%, 2014 = +4.23%). </em>
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