Asian stocks were mixed in opening trades today, following a three-day rally as investors mulled when economies will be able to ramp up again when the coronavirus outbreak eases. Oil rose amid expectations for production cuts. Risk-sensitive currencies climbed on budding optimism the coronavirus pandemic may be peaking although the euro was dented by the European Union’s failure to agree on more support for their weakened economies. But the dollar index is down 0.5% so far this week as safe-haven flows to the U.S. currency eased on rising hopes much of Europe and the United States could soon see themselves out of the worst period of the COVID-19 pandemic. Markets already know that the economy is being hit by extraordinary shocks, even if the number increases, it will probably surprise few people while a better reading could enhance the perception that the worst may be over and trigger a bigger market reaction. In currencies today, the yen was at 108.92 per dollar, down 0.1%. The offshore yuan traded at 7.0771 per dollar, down 0.1% while both the euro and the pound sterling were little changed at $1.0858 & $1.2397 respectively.
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