The US death toll, now at more than 9,600, was rapidly closing in on Italy and Spain, the countries with the most fatalities to date.
Global cases of the new coronavirus have passed 1 million and more than 64,000 people have died.
However, President Donald Trump expressed hope that the coronavirus health crisis was “leveling-off” in some of the hardest-hit U.S. states. Meanwhile, more than 90 percent of Americans are under stay-at-home orders.
Stocks globally rose as the death toll from the virus slowed across major European nations including France and Italy. However, the rate of deaths from coronavirus in Japan and elsewhere in Asia accelerated.
Italy reported its lowest daily death toll for more than two weeks on Sunday. France also reported a slowing daily death toll, and Germany its fourth straight daily drop in new cases.
But, Japan will declare a state of emergency as early as Tuesday, media reported. A shortage of beds and a rise in cases linked to hospitals push Tokyo’s medical system to the brink of collapse.
Euro zone finance ministers are likely to converge on Tuesday on three quick options to support the economy during the coronavirus epidemic.
START TRADINGForex – US death toll up while slows in Europe
The yen fell, while the Australian and New Zealand dollars rose as the death toll from the virus slowed across major European nations.
The dollar stalled against most currencies on Monday but continued its rise versus the Japanese yen. The greenback rose 0.5% to 109 yen, after rising to a 10-day high of 109.38 earlier.
The index that tracks the dollar against six major currencies was also flat at 100.68.
The Australian dollar rose 1.3% at 0.6071 per U.S. dollar.
The euro was neutral versus the U.S. currency at 1.0805.
The Canadian dollar strengthened against the US dollar as signs of a slowdown in coronavirus-related deaths bolstered investors sentiment. The shift in sentiment offset lower oil prices. The loonies was trading 0.4% higher at 1.4138 to the greenback.
The pound was up 0.3% at $1.2308 and up 0.5% against the euro at 87.71 pence, having slipped overnight.
Oil prices which have been at historic lows, spiked as President Trump suggested massive production cuts. U.S. crude oil futures were down 3.5% at $27.35 a barrel after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help to reduce global oversupply.
PLEASE NOTE The information above is not investment advice.
Sources: Reuters, Investing, CNN money