💬 As confirmed coronavirus cases ticked up in the US at a faster rate than in the other countries shown on the chart (a selection of EU countries Germany, Italy and Spain, the UK, Canada, and China) we have seen a subsequent weakness in the US dollar compared to the currencies of those countries (as seen by EURUSD, GBPUSD, CADUSD, and CNYUSD).
As you can see within the "Stage 1" range, there was a divergence between confirmed cases in the USA (Yellow plotted line contained within the indicator tile) and confirmed cases in other countries. This then led to an apparent impact on how people viewed the US Dollar's strength as is shown by the "Stage 2" range. This weakness in the US Dollar helped in creating a significant uptick in these other base currencies when compared against the USD base pair.
Further, you can see that not only did the initial divergence in corona confirmed cases between the USA and other countries have an impact, but as that divergence continues to increase as seen in "Stage 3" speculators are taking this into account and betting on seeing even more upside as seen within "Stage 4".
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Conclusion: The weakness in the dollar has seemed to correlate with an uptick in confirmed COVID cases compared to the other countries. Given this correlation, one might assume that we won't see the downtrend in the US Dollar reverse until the confirmed Coronavirus cases numbers for the USA start to downtrend.
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Since we got a request to know what indicator we used for this writeup, here is the link to try it out for yourself. :)