China's Hubei Vice Governor: Current virus outbreak is still severe and complicated

The coronavirus outbreak is still severe and complicated and the medical resources for the Hubei province's, where the virus originated, local counties are relatively weak, Vice Governor Xiao Juhua told reporters on Sunday during a press briefing, per Reuters.

Meanwhile, Wang Wei, director of Hubei's science and technology department, noted that the accuracy of the test kits to confirm virus infections have improved and the time to confirm has halved to "no more than two hours."

Market implications

The lack of positive developments surrounding the outbreak is likely to force investors to continue to seek refuge. The JPY, the CHF and gold could continue to outperform the greenback amid risk-off flows at the start of the week.