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Singapore’s Trade Minister Chan Chun Sing told Reuters on Monday, Singapore’s economy will be impacted by the outbreak of a new coronavirus that originated in China and has spread to the city-state.

Key Quotes:

There will certainly be an impact on our economy, business and consumer confidence this year especially as the situation is expected to persist for sometime.

Tourism-related sectors were of immediate concern and the government was ready to support firms and workers.

Singapore has reported four cases of the coronavirus that has killed 80 people in China so far and the crisis seems to be accelerating.

  • Chinese Health Official: Coronavirus crisis is accelerating

Most Asian currencies are under pressure amid broad risk aversion fuelled by the rising Coronavirus contagion risks and its implications on the global economy.

However, the safe-haven yen is strongly bid, as USD/JPY looks to fill in the bearish opening gap, having hit over two-week lows at 108.73 earlier this Monday.