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China coronavirus deaths hit 563, Yuan recovers with hesitation

According to China’s National Health Commission, on February 5, number of confirmed coronavirus cases in China rose 3694 to 28018. Death tolls rose 73 to 563. Serious cases rose 640 to 3859. Suspected cases rose 5328 to 24702. Number of people tracked rose 30659 to 282813. Outside of China, over 25 countries reported confirmed cases, with 35 in Japan, 28 in Singapore, 25 in Thailand and 11 in Taiwan.

The fears in the financial markets subsided rather quickly this week, including Yuan’s exchange rate. USD/CNH formed a temporary top at 7.0226 and retreated notably. Nevertheless, the pull back is so far relatively shallow and is contained above 6.9526 minor support. Further rise remains mildly in favor. Sustained break of near term channel resistance will indicate bullish reversal for 7.0867 resistance. However, break of 6.9526 will indicate completion of rebound from 6.8452 and keep the decline from 7.1953 intact. The next move will depend on the breakthrough in the coronavirus outbreak, in either way.

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