The risk-on sentiment extended into Asia this Tuesday amid improving coronavirus situation in the global hotspots. Asian stocks tracked the Wall Street higher, except for the Australian markets. The US equity futures, however, traded on the back foot, as concerns still linger over the economic impact of the lockdowns across the globe to curb the virus spread. Therefore, the safe-havens such as gold, the yen and Swiss franc were strongly bid while the US dollar lost some ground across the board, as markets weigh in US President Donald Trump’s comments that he wants to try to lift restrictions on April 30 and also that he backs the second fiscal stimulus package. Within the G10 fx space, USD/JPY snapped the recent winning streak and fell sharply lower to near 108.70 region on broad dollar weakness and Japan’s declaration of the state of emergency to fight the infectious disease. The Aussie extended the early gains above 0.6150 after the Reserve Bank of Australia (RBA) kept the key interest rate on hold at its April monetary policy meeting. Meanwhile, the Kiwi looked to regain 0.6000 despite RBNZ’s expansion of its latest asset purchase program. Among the European currencies, EUR/USD held onto gains above 1.0800 while the pound ignored the news about the UK PM Boris Johnson’s health conditions and jumped back to 1.2300. Oil prices rallied 3% ahead of the OPEC+ meeting while Gold prices on NYMEX extended gains above 1700 mark. Main topics in Asia US House Speaker Pelosi tells Democrats: Next stimulus to be at least $1 trillion – Bloomberg UK’s Raab says Boris Johnson is ‘in safe hands’ and hails ‘strong spirit’ as he takes charge of government – The Sun US Pres. Trump: Next week, week and a half will show big surge of virus Trump: Could very well do a second round of direct payments to Americans US Pres. Trump: Wants to try to lift the restrictions on April 30th Mexico reports total cass 2,493 and deaths of 125 China’s Hubei province reports zero new cases on April 6th vs zero on April 5th Australian Trade Balance, Feb: A$ +4,361 mln, s/adj (Reuters poll: A$+3,650 mln) Japan’s Nishimura: State of emergency to remain in effect until May 6 Coronavirus update: UK PM Johnson is ‘extremely sick’ and may need a ventilator – Sky News RBNZ to extend QE to NZD 33bn now, Kiwi stays above 0.5950 Key focus ahead On the data front, the immediate focus shifts towards the German Industrial Production for February due at 0600 GMT, which is unlikely to have any impact on the shared currency, as it doesn’t include the coronavirus crisis period that heighten across Europe in March. The UK docket sees the second-liner Halifax House Price Index (HPI) Besides, the market sentiment will remain at the mercy of the virus-related updates and US dollar dynamics. Meanwhile, oil traders will look forward to fresh OPEC headlines and President Trump’s tariffs decision on Saudi and Russian oil production. When is the German Industrial Production and how could it affect EUR/USD? Germany will publish Industrial Production data for February at 06:00 GMT. If the data shows the manufacturing output was already facing renewed slowdown ahead of the coronavirus crisis seen in March, the Euro may go on the offer, possibly challenging support at 1.0770. GBP/USD cheers US dollar pullback amid concerns over UK PM Johnson’s health GBP/USD snaps two-day losing streak, bounces off weekly low. UK PM Johnson is extremely weak, Foreign Secretary Raab will take over the Cobra and cabinet meetings. Risk tone stays positive on early signs that coronavirus numbers are declining from the global hotspots. US government likely to provide another round of coronavirus fiscal package – Goldman Sachs The US government is likely to pass at least one more fiscal relief package, which could include additional funding for small businesses. Japan PM Abe wants to declare one-month state of emergency for seven prefectures on Tuesday According to Bloomberg and Reuters, Japanese Prime Minister Shinzo Abe wants to declare a one-month state of emergency on Tuesday, April 7, for seven prefectures. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Dollar Index losing the grip and eases to 100.50/40 FX Street 2 years The risk-on sentiment extended into Asia this Tuesday amid improving coronavirus situation in the global hotspots. Asian stocks tracked the Wall Street higher, except for the Australian markets. The US equity futures, however, traded on the back foot, as concerns still linger over the economic impact of the lockdowns across the globe to curb the virus spread. 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