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Early Monday morning in Asia, China’s Global Times released news that the accumulated number of cases in Hubei and Wuhan has continued climbing since the city lockdown. 

Key quotes

The inflection point of the outbreak has not emerged yet.

The number of new infection cases nationwide has been dropping for the third consecutive day on Sunday.

The capital city of the (Hubei) province (Wuhan) reported 14,982 cases as of Sunday, with the death rate hitting 4.06 percent. 

There are in total 23,638 suspected cases within which 12,918 in collective quarantine.

Some 123,827 people who had close contact with infected patients are under close watch in Hubei. However, the number of suspected cases and close contacts under observation in Wuhan are still unknown.

FX implications

With the coronavirus update in the driver’s seat, the news adds further downside pressure on the market’s risk-tone. With this, Gold remains firmer around $1,572 whereas USD/JPY stays on the back foot near 109.70.