By Gina Lee
Investing.com – The U.S. dollar was down on Friday from its week-long high in the previous session as investors’ risk appetite got a boost.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies slipped 0.25% to 99.862 by 11:34 PM ET (4:34 AM GMT), slipping below the 100 mark.
Investors retreated from the dollar, traditionally viewed as a safe haven, as U.S. President Donald Trump hinted at the reopening of the U.S. economy overnight as he briefed U.S. governors on guidelines.
Risk sentiment also received a boost from Gilead Sciences Inc (NASDAQ:GILD) announcing overnight that clinical trials of its antiviral drug remdesivir showed promising results in treating the COVID-19 virus.
The USD/JPY pair was down 0.22% to 107.71.
The USD/CNY pair gained 0.05% to 7.0816, gaining back its earlier losses as China reported a 6.8% contraction year-on-year in its gross domestic product in the first quarter. Analyst forecasts prepared by Investing.com predicted a 6.5% contraction. Chinese industrial production in March also fell 1.1% year-on-year, less than the predicted 7.3%.
The AUD/USD pair gained 0.48% to 0.6359 and the NZD/USD pair gained 0.69% to 0.6010 with the improved risk sentiment. The Antipodean currencies are closely linked to commodities, and therefore sensitive to risk sentiment.
The GBP/USD pair gained 0.38% to 1.2502.