Asian session review: the dollar fell against most major currencies

The US dollar declined against the euro and yen. Some weakening of the dollar may contribute to the information that the US plans to gradually return the economy to normal. This is likely to support investors' appetite for risk, experts say.

US President Donald Trump said on Thursday that, despite the difficult epidemiological situation, it is time to restart the sectors of the American economy that were suspended to contain the spread of COVID-19 coronavirus infection.

The Chinese yuan is stable against the US currency after the publication of data on the first fall in the country's GDP since 1992. According to the State statistical office, China's GDP collapsed in the first quarter of 2020 by 6.8% in annual terms. The consensus forecast of experts provided for a drop in Chinese GDP in January-March by 6.5%.

The sharp decline reflects the severe damage caused to the Chinese economy by the COVID-19 coronavirus outbreak and restrictions imposed by the country's authorities to curb its spread. Now the Chinese government needs to take measures to support the economy in the face of increased unemployment and social instability, while trying to keep the debt load and financial risks under control, experts say.

The State statistical office, however, notes that the long-term growth potential of the Chinese economy remains unchanged, despite the short-term decline caused by COVID-19.

The ICE index, which tracks the dynamics of the us dollar against six currencies (Euro, Swiss franc, yen, canadian dollar, pound sterling and Swedish Krona), fell by 0.15%