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China’s foreign ministry says that it hopes that the US provides aid it has promised on the coronavirus outbreak soon.

Key notes

  • US should refrain from overreacting on virus outbreak, work with China to deal with the epidemic.

Earlier in the session, there were reports that China’s number of newly confirmed coronavirus cases at 3,235 on Feb 3. The death toll from a coronavirus outbreak in China rose to 425 as of the end of Monday, up by 64 from the previous day, the country’s National Health Commission said on Tuesday.

China’s total number of confirmed coronavirus cases hits 20,438 as of end-Feb 3

FX implications

Risk-off will persist as the cases of deaths increase, far surpassing that of SARS and while around the world, more than 170 confirmed cases have been reported in more than 20 countries, keeping markets on edge. AUD/JPY will be a special focus, considering the Reserve Bank of Australia meeting later today.