The market mood was lifted after US President Donald Trump announced a three-stage plan to re-open the US economy and STAT news cited that Gilead Sciences’ experimental drug Remdisivir is showing promising results to fight coronavirus. In light of the recent encouraging coronavirus news, markets ignored the sharp contraction in the Chinese Q1 GDP and mixed retail sales and industrial production for March. The return of risk appetite, reflective of the rally in the Asian stocks, Treasury yields and US equity futures, dulled the safe-haven appeal of the US dollar across the board. The big surge in the US Jobless Claims also added to the greenback’s correction. Amid risk-on market profile, gold prices dropped to test the $1700 mark while oil prices fell back below $20, down over 1%. Across the fx space, the kiwi outperformed, with strong gains on the 0.60 handle while AUD/USD consolidated the bounce to 0.6383. USD/CAD attacked the 1.4000 level amid broad dollar weakness. Meanwhile, USD/JPY turned lower from above 108.00 but losses remained capped amid risk-on. EUR/USD headed back towards 1.0900 while the cable attempted a recovery above 1.2500. Main topics in Asia US President Trump: States that have met the criteria to start phase 1 can begin tomorrow S&P 500 Futures jump above 3.0% as Gilead’s Remdisivir, US Pres. Trump propel risk-tone Gilead: Expect data from phase-3 study available end of April China reports zero new coronavirus deaths in Mainland on April 16 vs zero deaths a day earlier Fed’s Kashkari: Staged approach to reopening the US economy makes sense – Fox G4 central bank balance sheets expand to 40% of GDP China’s GDP contracts 6.8% YoY in Q1 vs. -6.5% expected, AUD/USD little changed China’s NBS: Economy facing rising pressures from coronavirus epidemic Japan’s Nishimura: Expansion of state of emergency to have huge economic impact in short-term China’s NBS: Will step up support measures USD/KRW Price Analysis: South Korean won rallies hard despite uptick in jobless rate Key focus ahead With the Chinese data dump out of the way, Friday is a thin-showing on the economic data front on both sides of the Atlantic, with the Eurozone Final Consumer Price Index (CPI) data due on the cards at 0900 GMT. The US docket is data empty and therefore, all eyes will be on the coronavirus-related news and dollar dynamics. Meanwhile, the sentiment on the global markets will also play a pivotal role, with the stage-1 of the US economy re-opening plans to commence later on today. For oil traders, the Bakers Hughes US Oil Rig Count data, dropping in 1700 GMT, will grab some attention. EUR/USD: Better bid as Gilead coronavirus drug offers hope EUR/USD has erased a major portion of losses seen on Thursday. Dollar is being offered on promising signs for coronavirus treatment. Light data docket leaves the pair at the mercy of the broader market sentiment. GBP/USD benefits from risk reset, coronavirus is the key GBP/USD defies the previous two-day losing streak, despite the latest pullback. The US dollar trims earlier gains amid the recovery in risk sentiment. The UK extends lockdown by at least three weeks, no longer business as usual with China. Gold Price Analysis: Bull flag or rising wedge breakdown? Gold’s 4-hour chart shows a rising wedge and a bull flag pattern. The S&P 500 futures are flashing green and signaling a risk-on environment. The yellow metal could witness a rising wedge breakdown. 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 recedes from tops, back below 100.00 FX Street 2 years The market mood was lifted after US President Donald Trump announced a three-stage plan to re-open the US economy and STAT news cited that Gilead Sciences' experimental drug Remdisivir is showing promising results to fight coronavirus. In light of the recent encouraging coronavirus news, markets ignored the sharp contraction in the Chinese Q1 GDP and mixed retail sales and industrial production for March. The return of risk appetite, reflective of the rally in the Asian stocks, Treasury yields and US equity futures, dulled the safe-haven appeal of the US dollar across the board. 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