South Korea confirms 476 new coronavirus cases, 2 new deaths

Dhwani Mehta FXStreet

According to the latest data published by the Korea Center for Disease Control and Prevention (KCDC) on Monday, the number of coronavirus cases in the country has risen to 4212, with 476 more cases confirmed.

3081 are in Daegu, the epicenter of the outbreak in the country.

Meanwhile, 2 new coronavirus deaths have been reported in the South, bringing the death toll up to 22.

Market reaction

With the bearish South Korean count and awful Chinese Caixin Manufacturing PMI coming in, the risk-off trades seem to have regained traction, as the S&P 500 futures erodes the recovery gains and turns back into the red zone, at the press time while the US Treasury yields remain heavy, with a March Fed rate cut now a done deal.

The Japanese benchmark, the Nikkei 225 fades the bounce, with USD/JPY struggling to take out the 108 handle on its recovery attempt from a five-month low of 107.25.

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.

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