Equities turn lower on Tuesday


US equity benchmarks declined somewhat on Tuesday, but remained strongly higher on the week, with all three major indices down circa 1% during the US session.

Meanwhile, New York City, which is emerging as the new epicenter of the pandemic, reported a 16% increase in deaths in six hours. Italy and the Netherlands are considering extending lockdowns, and Spain's 849 fatalities were the most in one day for the country. 

On the positive side, Italy's outbreak seems to be getting under control as the rate of new cases and deaths is slowing. Nevertheless, the country will remain on lockdown for another two weeks, at least.

The greenback surged broadly today as demand seems to be re-accelerating and the EURUSD pair dived below the 1.10 threshold, while the USDJPY pair advanced above the 108 threshold.

The WTI oil was still trying to defend the 20 USD level, but rallies are shallow and quickly sold, which implies that new swing lows are on the horizon soon.
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