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John Wang
April 24 17:16

Failed drug test drives US dollar up

US dollar went up on April 24. Traders started seeking safe haven again after the drug that was supposed to kill coronavirus failed in testing. 
At 07:15 GMT the US Dollar Index gained 0.4% and ended up on 100.950 mark. Similar levels have been reached in the beginning of the month. GBP/USD dropped 0.2% reaching 1.2324. USD/JPY went up 0.1% reaching 107.68.
Traders became anxious after the Financial Times report on the first trial of remdesivir - a new drug developed by Gilead. The drug was supposed to fight the coronavirus, but now it will have to stay in development. 
However, Gilead has stated that FT’s report is incorrect. According to the company, the tests were cut short because of the low enrollment. The results remain “inconclusive”.
Euro has also been impacted by the somewhat inconclusive EU council meeting. Leaders did not reach agreement over the plan for economic recovery after the pandemic. They did, however, agree  on over 500 billion euro relief package.