Asia opens like a ghost town: No buyers, no panic, just waiting for impact

In classic holiday drift mode, Asia opened with all the spark of an Energizer Easter bunny that forgot its batteries — listless, directionless, and running on fumes. Stocks bounced between minor gains and losses as traders stayed sidelined, waiting for something real to emerge from the tariff trenches. Japan managed a modest uptick, but with most regional markets shuttered for Good Friday, the tape felt more like white noise than price discovery.

Stateside? Not much better. U.S. equities clocked a weekly loss after Powell reminded everyone he’s not the market’s babysitter. His pushback on rescue talk hit sentiment, and Treasuries sold off into the close, paring earlier gains. Meanwhile, the dollar limped toward a third straight week of losses — hardly a vote of confidence for Team Greenback.

But here's the twist: Trump tossed out a little sugar to keep hope alive, saying he’s hesitant to turn the tariff dial any higher on China — claiming it could freeze trade and that Beijing’s been calling for peace talks. Sounds constructive… until you see the fine print. The White House also moved to slap levies on Chinese ships docking at U.S. ports — a move that could torch global shipping lanes and escalate the trade war 2.0.

The euro’s caught in a crossfire — the Fed’s still talking tough, the ECB’s cornered by disinflation, and absolutely no one across the Atlantic is asking for a stronger EUR. But the real story? The dollar’s adrift in purgatory. As long as U.S. exceptionalism stays buried in the basement, there’s no real appetite to chase greenback strength.

Traders aren’t buying the dip — they’re waiting for a proper catalyst. A clean breakout in U.S. equities, not another dead cat bounce dressed up as a rebound. Until then, FX stays rangebound and twitchy.

It’s holiday quiet now — eerily so — but don’t be fooled. This calm has a short fuse. One misstep on tariffs, one headline too far, and we’re not racing higher… we’re gapping lower.