FXStreet reports that according to Piotr Matys, Senior Emerging Markets FX Strategist at Rabobank, the big sell-off in China after the local markets reopened following the extended Lunar New Year holidays had limited impact on the CEEMEA currencies as it was widely anticipated.

“We remain of the view that it is too early to abandon a cautious approach towards risky EM assets as there is no sufficient evidence yet (despite various measures being implemented) that the deadly virus has been contained. The death toll now exceeds 360 and total confirmed cases of infection have risen sharply to almost 17,400. It is worth noting that the coronavirus is spreading much faster than the SARS outbreak in 2003. The Philippines confirmed the first dead from the virus outside China. Tension between the US and China may resurface after Beijing accused Washington for “overreacting” to the outbreak.”