China's Hubei province confirms another 1,933 new cases of coronavirus / 100 new deaths


  • Hubei province reported 1,933 new cases and 100 new deaths on Feb.16.
  • CRB index is on the brink of confirming a bullish trend, likely supporting the case of higher commodity-FX.

China's Hubei province, the epicentre of the coronavirus epidemic, reported 1,933 new cases and 100 new deaths on Feb. 16, the local health authority said on Monday. The Hubei health commission said the total number of cases in the province had reached 58,182 by the end of Sunday, with 1,696 deaths.

Meanwhile, the province announced tough new measures to try to curb the outbreak on Sunday, ordering its cities to block roads to all private vehicles. Athe same time, the General Administration of Customs (GAC) has released new measures on Sunday to try and mitigate the impact caused by the novel coronavirus outbreak, as well as help businesses resume production and improve the country's foreign trade conditions, the GAC said in a statement.

FX implications

The US dollar has been strong on the 99 handle in the DXY but is showing signs of weakness in momentum in technical analysis, thus bringing about some relief in the commodity complex. the CRB index is on the brink of confirming a bullish trend according to the 8close vs 8 open moving average cross over which likely supports the case of higher commodity-FX, such as CAD, AUD and NZD. WTI and US stocks will be keen focuses for the commodity block this week, likely taking their cues from the coronavirus updates. 

 

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