Mainland China 433 new coronavirus cases and 29 new deaths

Mainland China has reported 433 new coronavirus cases and 29 new deaths. This update follows a series of daily updates surrounding the coronavirus which is spreading to all corners of the world at a worrisome rate. The World Health Organisation is reluctant to call this a pandemic, but the markets are becoming increasingly cautious at this juncture. 

So far, the coronavirus outbreak is present in 48 countries, with the following new countries added to the list overnight: 

• Norway.
• Romania.
• North Macedonia.
• Georgia.
• Greece.
• Pakistan.

There are around 82163 confirmed global cases while Mainland China, South Korea and Italy are now leading the scales of national epidemics. 

FX implications

The coronavirus updates have been impacting the yen, AUD, yuan, oil, gold and more recently, have been sending US yields to record low levels. The yen is traditionally the go-to currency in the FX apace at times of risk-off.

For full USD/JPY analysis, see the topic page, here. For gold, and oil.