Dollar falls as virus treatment hopes bolster risk appetite

The dollar fell on Friday after news of a successful trial for a potential COVID-19 treatment bolstered market outlook and risk appetite.

The U.S. Dollar Index fell from its week-long high by 0.25% to 99.862 at 11:34 PM ET (4:34 AM GMT).

The Japanese Yen rose against the dollar by 0.22% to $107.71.

Meanwhile, the British Pound Sterling gained 0.38% to $ 1.2502.

Down under, the Australian dollar rose by 0.48% to $0.6359 while the New Zealand dollar climbed by 0.69% to $0.6010.

The Chinese Yuan fell against the dollar by 0.05% to $7.0816 after China reported a record 6.8% contraction year-on-year in its GDP for the first quarter.

Medical news website, STAT reported that a Chicago hospital saw 125 patients recover after they were given Remdesivir, an antiviral drug developed by Gilead Sciences Inc.

However, the U.S. biotech firm said that despite a successful trial, further testing must be done to determine if the new drug is safe or effective to treat COVID-19 patients. The company is expected to release more data by the end of April.