Global spread of China’s Wuhan coronavirus continued to intensify over the weekend. Total number of cases outside China reached 9051 with 141 deaths. Situation in South Korea remains the worse, with 4212 cases and 22 deaths. Italy reported 1701 cases with 41 deaths. Iran’s cases also jumped to 978 with 54 deaths.
Contagion to other European countries is also increasing, in particular to France (130 cases, deaths), Germany (130 cases) and Spain (84 cases). Japan (256 cases), Singapore (106 cases) and Hong Kong (100 cases) are relatively steady.
On the other hand, China’s own news cases continued to slow, with 573 new cases and 35 new deaths on February 29, 202 new cases and 42 new deaths on March 1. As of end of yesterday, there are an accumulated total of 80026 confirmed cases and 2912 deaths.
Chinese Yuan is extending last week’s rebound, partly as situation in China eased, and partly on weakness on Dollar. USD/CNH’s decline from 7.0562 suggests that rebound from 6.8452 has completed, ahead of 7.0867 resistance. Focus is now on 6.9571 support. Break there will confirm this case and bring deeper decline through 06.8452 to resume whole corrective fall from 7.1953.