Editor note: The original piece reported that Ecuador had announced its first case of Coronavirus, per a Reuters report. The information was wrong, as Ecuador's Ministry of Health acknowledged on the same date that "one Chinese traveler was hospitalized, but tests results had determined that he was not affected from the virus". Ecuador is free from any Coronavirus cases.
The latest reports from China’s state television, as shared by Reuters, mentions that the death toll in Hubei province of China, the epicenter of coronavirus, recently rose by 65 to 479 as of Tuesday’s end. The news also mentions additional 3,156 cases of infected people, making the count as 16,678. It should also be noted that Japan confirmed ten cases from the cruise ship.
Key quotes
Hubei’s provincial capital of Wuhan, where the virus is believed to have originated, reported 49 new deaths on Tuesday, up from 48 on Monday. A total of 362 people in Wuhan have now died from the virus.
New confirmed cases in Wuhan surged by 1,967 on Tuesday, up from 1,242 on Monday.
FX implications
The spreading disease should ideally weigh on the market’s risk-tone but is finding a softer footing amid overall upbeat data from the rest of the globe. Also affecting the trading sentiment could be Chinese policymakers’ efforts to placate investors. As a result, Gold prices remain on the back foot around $1,553 whereas US/JPY also holds its strength while being near to 109.50 during Wednesday’s Asian session.
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