The China Daily has tweeted that “China’s top envoy to the UN gave a comprehensive overview of the country’s efforts to fight novel coronavirus pneumonia, saying that China’s efforts are achieving positive results and that it has the ability and confidence to defeat the outbreak.”
That is some good news to add to the corrective phase we are seeing in Asia following, what at first glance, was a very concerning coronavirus update as follows: Breaking: Coronavirus update killing risk assets, AUD/JPY -0.66% in a heartbeat
Markets are skittish on the news but they are recovering off their knee-jerk lows now and making over a 50% retracement. AUD/JPY has travelled between a range of 73.64 and 74.17 and is sat at the 61.8% Fibo of the range again around 73.93.
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