The risk sentiment was broadly bid in the holiday-thinned quiet Asian session, as the Chinese markets are closed on account of a public holiday. A slowdown in the number of deaths in the world’s hardest-hit countries by the coronavirus pandemic, the US, Italy, Spain and South Korea, offered a sigh of relief to the trades, as the Asian stocks rode higher in tandem with the US equity futures. Meanwhile, the safe-havens such as the yen and US bonds got thrashed by the improved market mood. The US dollar also backed off from an eight-day high, although remained supported, as US President Trump said that he hopes to see levelling off of coronavirus in the hottest spots. On the fx front, USD/JPY spiked briefly above 109.00 before consolidating just below the latter, as the yen also faced some selling pressure on reports that Japan will declare a state of emergency on Tuesday, effective April 8 (Wednesday), as the virus spread intensifies in Tokyo. The Aussie jumped to test 0.6050 while the Kiwi also bounced-back towards 0.5900 amid risk-on and upbeat remarks from the Reserve Bank of New Zealand (RBNZ) officials. Among the European currencies, EUR/USD attempted a tepid bounce above 1.0800 while the pound dropped against the greenback following the news that the UK PM Boris Johnson was admitted to hospital for some virus-related tests. Oil prices opened with a 10% bearish gap amid supply fears, as the OPEC+ meeting was pushed back until April 9 amid Saudi-Russia tussle. Meanwhile, gold prices were pressured below 1650 levels. Main topics in Asia Saudi Arabia delays issuance of May crude prices until after OPEC+ meeting – Reuters UK PM hospitalised for COVID-19 tests as a precaution Johns Hopkins data reports US COVID-19 cases reach 1 In 1,000 infected RBNZ’s Orr: Economic shockwaves eventually give way to vibrant economy – StuffNZ WTI downed 10% at Asia open as OPEC+ meeting pushed backed Trump: Hopes we’re seeing levelling off of coronavirus in the hottest spots Japan’s LDP Chief Kishida: Govt close to finalising the economic relief package US Pres. Trump: If oil price stays the way it is he would do very substantial tariffs RBNZ Chief Economist: Not preparing banks for negative OCR at the moment China reports 39 additional coronavirus cases April 5th UAE OilMin al-Mazrouei backs Saudi call for oil talks, WTI bounces UK consumer confidence records its biggest fall since 1974 – GfK survey Spain and EU commissioners call for common European debt instruments – FAZ Japan state of emergency to take effect on April 8 – Kyodo Japan’s economic stimulus package to be rolled out in two phases – Bloomberg Italy plans to begin reversing coronavirus-led confinement measures from mid-May Key focus ahead Today’s EUR macro calendar is at thin-showing, in absence of first-tier economic news. The immediate focus will be on Germany’s Factory Orders data for February, due at 0600 GMT. At 0830 GMT, the UK March Construction PMI and Eurozone April Sentix Investor Confidence data will be closely watch. In the NA session, the Bank of Canada (BOC) Business Outlook Survey will hog the limelight amid lack of any data releases from the US and Canada. 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 are the German Factory Orders and how could they affect EUR/USD? EUR/USD manages to hold the 1.08 handle ahead of the German Factory Orders, having dipped briefly to 1.0773 last Friday amid broad-based US dollar strength. German factory orders are seen falling by 1.9% MoM in February, having bounced by 5.5% in January. GBP/USD eyes first death cross since May 2019 GBP/USD’s long-term indicator is about to turn bearish for the first time in 11 months. The pound was offered in Asia as Prime Minister Johnson was admitted to hospital on for coronavirus-related tests. RBA preview: On hold, statement to be balanced, marginal risks for AUD RBA unlikely to announce further policy changes at Tuesday’s meeting. Statement is likely to be balanced with the Bank arguing that the economy will eventually recover. 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 remains bid and approaches 101.00 FX Street 2 years The risk sentiment was broadly bid in the holiday-thinned quiet Asian session, as the Chinese markets are closed on account of a public holiday. A slowdown in the number of deaths in the world’s hardest-hit countries by the coronavirus pandemic, the US, Italy, Spain and South Korea, offered a sigh of relief to the trades, as the Asian stocks rode higher in tandem with the US equity futures. Meanwhile, the safe-havens such as the yen and US bonds got thrashed by the improved market mood. 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