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The euro fell to a four-and-a-half-year low against the Swiss franc on Thursday and the yen gained as investors sought safe havens after China's Hubei province, the epicentre of the coronavirus outbreak, reported a sharp increase in the number of new cases.

Using a new method of diagnosis, the province reported on Thursday 14,840 new cases of the virus as of Feb. 12, up from 1,638 new cases on Tuesday. The number of deaths in the province rose by 242, a daily record, to 1,310.

"Taken together, it suggests fading the overnight reaction," said Elsa Lignos, global head of FX strategy at RBC Capital Markets.

The initial move was to dump risky assets, however. After weakening to a three-and-a-half-week low the day before, the yen gained 0.3% against the dollar on Thursday to 109.770 yen.

The euro dipped to 1.0622 francs, below its 2016 trough of 1.0623 and its lowest level since August 2015. It last stood around 1.06235 (EURCHF=).

"When you see numbers like this, you can't help but move to risk-off trades, which means buy the yen and sell stocks," said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank in Tokyo.

In the onshore market, the yuan slipped 0.13% to 6.9809 per dollar. The offshore yuan dropped 0.14% to 6.9830.

The Australian dollar , widely used as a proxy for risk on Chinese assets, fell 0.22% to $0.6724. The New Zealand dollar slipped 0.2% to $0.6453.

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 The euro was stuck near a two-and-a-half-year low after early trading on Thursday, after a fresh surge in coronavirus cases in China added to concerns about the impact of the outbreak on an already weak eurozone economy.

By 3 AM ET (0800 GMT), EURUSD was at $1.0877, up less than 1% on the day and only just off an overnight low of $1.0865, which marked its lowest level since May 2017. GBP/USD was up 0.2% at $1.2985

Sentiment toward the euro has been badly hit by the sharpest drop in industrial production in a decade in December, which pointed to the likelihood of recession in both Germany and Italy, the biggest and third-biggest economies in the currency bloc.

Analysts at Barclays (LON:BARC) warned of a “synchronized decline” in output across the region, but noted that it contrasted with an improvement in sentiment surveys in January.

“As surveys point to a (sizeable) rebound in January and the extent of output disruption caused by the outbreak of nCov remains hard to gauge, the picture for manufacturing activity in Q1 remains blurry,” they wrote.

There was no noticeable impact from jobless data in France on Thursday, which showed the unemployment rate fell sharply to 8.1% in the fourth quarter, its lowest since before the financial crisis in 2008.

Overnight, Chinese authorities had revised estimates for cases of the Covid-19 disease by nearly one-third after switching to a new testing methodology. The number of recorded deaths also leaped by over 200. The Communist Party also dismissed its Hubei regional head and its city chief in Wuhan, in an effort to assuage public anger at the way it has handled the crisis so far.

“This outbreak could still go in any direction,” WHO chief Tedros Adhanom Ghebreyesus told a briefing in Geneva on Wednesday.

Haven currencies such as the yen and Swiss franc, ticked up after losing over 1% against the dollar since the start of the month. However, their gains were still moderate. By 3 AM ET, USD/JPY was at 109.75 yen, down 0.3%, while USD/CHF was 0.1% lower at 0.9770.

The greenback was higher against most emerging currencies, however. It hit a nine-month high against the Turkish lira and was up 0.2% against the Chinese yuan at 6.9812.

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Oil prices were mixed on Thursday in Asia after jumping more than 2% in the previous session amid hopes that China was gaining traction on its fight againstthe coronavirus outbreak.

U.S. Crude Oil WTI Futures rose 0.2% to $51.25 by 12:50 AM ET (4:50 GMT). International Brent Oil Futures dropped 0.1% to $55.73.

Oil prices gained on Wednesday after China said the cases confirmed inside the country declined for two days in a row.

The markets were put under pressure yet again today after China’s Hubei province reported almost 15,000 new coronavirus cases as it changed its method for counting infections.

The government of the province said it had carried out a review of past suspected cases and revised its data to include “clinically diagnosed” cases in its daily disclosure.

In other news, OPEC, in its monthly report, said 2020 demand for its crude will average 29.3 million barrels per day, 200,000 bpd less than previously thought. OPEC pumped below that rate in January anyway, suggesting a 2020 supply deficit.

On the data front, the Energy Information Administration (EIA) reported that oil inventories climbed by 7.5 million barrels for the week ended Feb. 7. Analysts were looking for a build of about 3 million barrels, according to forecasts compiled by Investing.com.

Gasoline inventories fell by 95,000 barrels, versus expectations for a rise of about 550,000 barrels. Distillate stockpiles fell by 2 million barrels, compared with forecasts for a decline of about 560,000 barrels.

WTI futures pared gains, rising 2.3%. They were up about 3.5% right before the numbers came out.

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