High risk currencies gained during early trade in Asia on April 10th, with rising hopes that the spread of the Coronavirus may finally be hitting a peak in some areas of the globe. The Aussie Dollar was able to extend its rally and traded close to a mid-March high. The Euro, meanwhile, is coming under pressure as the numbers of infected are rising in Italy and Spain. In the US, New York reported its largest death toll in a single day, with distressing numbers also reported in New Jersey; New York and New Jersey have the largest numbers of infected and dead in the US. The US Dollar continues to be supported, despite the Coronavirus fears, by its position as the reserve currency and the Federal Reserve's efforts to ensure global liquidity.

As of 10:27 am in Tokyo, April 10th, the AUD/USD was trading at $0.6233, up 0.0193%; the pair is moving well off the 17-year low of $0.5510 that it hit about in late March. The NZD/USD was also higher at $0.6015, a gain of 0.1415%; the pair has ranged from a low of $0.59943 to a high of $0.60268. The EUR/USD was higher at $1.0866, off the session peak of $1.08807.

North American Labor Market in Focus

Later, market players will be anxious to see how the US labor market is faring as the rolling lockdowns of consumers and businesses persist in the US. Analysts recently polled have predicted that initial claims should fall to 5.25 million, down from last week's almost 6.5 million in new claims. Continuing claims are predicted to have surged to 8 million, from 3 million. The Canadian labor market will also be eyed, with Statistics Canada releasing March data. Analysts are predicting that the unemployment rate will jump to 7.2% from 5.6%, and that the net change in employment will have fallen dramatically to -350,000 from 30,300 in February. The USD/CAD is currently trading at C$1.4024, up 0.03%.