Coronavirus update: S. Korea confirms 64 new cases, NZ reports a jump by 36

Dhwani Mehta FXStreet

The Korea Centers for Disease Control and Prevention said that South Korea confirmed 64 new coronavirus cases on early Monday, with the total tally at 8,961.

Seven more deaths were reported, taking up the death toll to 111.

257 more fully recovered coronavirus patients were released, total cured people stood at 3,166, the body added.

Among other updates, Canadian Olympic Committee called on the IOC and World Health Organization (WHO) to postpone Tokyo games for one year, adding that If the Games are not postponed Canada will not send the athletes.

Meanwhile, the Australian Olympic Committee has told athletes to prepare for a Tokyo Olympics in the northern summer of 2021.

Japan PM Abe announced that all arrivals from the US will be quarantined for 14 days.

New Zealand Health Ministry confirmed a jump of 36 in new coronavirus cases, bringing the total tally to 102.

Market reaction

With the concerns over the coronavirus outbreak intensifying globally combined with Partisan battles in the US Senate stopping a coronavirus response bill, risk-off remains the key theme in Asia starting out the week this Monday.

USD/JPY remains under pressure and tests the 110.00 level amid negative Asian equities and the S&P 500 futures having hit the lower circuit breaker.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

AUD/USD holds rebound near 0.6900 on US-China trade optimism

AUD/USD holds the rebound near 0.6900 in the Asian session on Monday. Mixed China's inflation data for October fails to provide any inspiration to the Chinese proxy, the Australian Dollar, but China's extension of the suspension of 24% tariffs on US goods and reduced US-Iran tensions help the Aussie pair cling to recovery gains.

USD/JPY retreat in sync with USD, appraches 158.00

USD/JPY is back in the red at the start of the week on Monday, eyeing the broad US Dollar retreat amid easing US-Iran tensions. Traders also resorting to profit-taking following the blockbuster US Nonfarm Payrolls data-led rally. US CPI report is next in focus.

Gold bounces back above $4,100 amid easing Iran risks

Gold price recovers some lost ground and regains $4,100 during the Asian trading hours on Monday. Speculations that incoming Democrats would push to end the Iran war lift the yellow metal amid latest comments from US President Donald Trump that new strikes on Iran are unlikely if talks progress.

Top 3 Price Predictions: Bears in control, with next support at BTC $70,000, ETH around $2,000 and XRP near $1

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) bears remain in control, with the top three cryptocurrencies correcting over 4%, 6% and 10%, respectively, last week and marking their fifth consecutive weeks of losses. BTC trades around $75,530 on Monday after closing below key Exponential Moving Averages (EMAs), leaving the $70,000 level as its next major support.

AI selloff: What bonds and credit markets reveal

The recent selloff in US technology stocks has left investors with a difficult question. Are we simply looking at a correction after months of strong performance, or is the market starting to reflect deeper problems in the economy? The Nasdaq 100 has lost as much as 16.3% from its record high, while the Philadelphia Semiconductor Index has experienced an even sharper decline.

US Dollar breaks below 101.50 as Democrats sweep Congress

The US Dollar (USD) comes under heavy selling pressure on Wednesday, with the US Dollar Index (DXY) falling around 0.5% to trade near 101.35 after sliding below the 101.50 level. The Greenback retreats to its lowest level in four weeks as investors reassess the political and economic outlook following the Democratic Party's sweeping victory in the United States (US) midterm elections.