US VP Pence: Despite latest coronavirus-related deaths, risk to Americans remains low

In his meeting with the coronavirus taskforce team, the US Vice President (VP) Mike Pence tried to placate the fears of a widespread outbreak of the deadly virus based on the news of the latest deaths.

Key quotes

Within 12 hours, airports across South Korea and Italy will conduct 100% screenings for coronavirus.

There may be some cluster cases of coronavirus.

Risk on virus to the US remains low.

Could be a vaccine going to clinical trials in 6 weeks.

Therapeutics may be ready by late summer, fall.

FX implications

With the global traders keenly awaiting G7 leaders’ response to the coronavirus (COVID-19), RBA becomes the immediate catalyst, such news fail to have any major immediate market reaction. However, it does contribute to the risk recovery portrayed on Monday.