Risk appetite eased yesterday as Gilead’s (NASDAQ:) potential medicine for the coronavirus failed its first randomized clinical test. In the currency world, the was among the main losers, as the Euro-area PMIs slid more than anticipated. The UK and U.S. preliminary PMI also missed their estimates, suggesting that the global economic outlook continued to deteriorate at the beginning of the second quarter of the year.
Risk Appetite Eases As Gilead’s Drug Fails Test
The traded lower against most of the other G10 currencies on Thursday and during the Asian morning Friday. It underperformed the most against NOK, NZD, AUD and CAD in that order, while it lost the least ground against JPY. The greenback eked out gains only versus CHF and EUR.
USD performance G10 currencies
The strengthening of the commodity-linked and oil-related currencies, combined with the relative weakness of the safe havens, suggests that market sentiment remained supported for another session. That said, although EU…