Dollar has worst week in over a year amid political uncertainty

Visitors looks at an electronic board showing the Japan's Nikkei average at the Tokyo Stock Exchange in Tokyo

Besides worries surrounding Trump, the USA currency has suffered from a resurgent euro, which has gained more than 2 percent this week."The dollar overall, across the board, has been getting beat up this week and a lot of that has to do with the political risk here in DC", said John Doyle, director of markets at Tempus Inc in Washington.

GBP/USD is supported in the range of 1.2993 levels and now trading at 1.3033 levels. By 1800 GMT on Friday, it had recovered and was up half a percent on the day at $1.3032.

Chinese shares were little changed, up 0.4 percent for the week.

Analysts said the reason the dollar was being pressured by the turmoil was not just because of uncertainity over Trump now serving a full term; it was also because the controversies meant the policies Trump had promised - in particular on fiscal stimulus - that had given markets a "Trump bump" were less likely to be pushed through any time soon. It has made session high at 1.3599 and lows at 1.3508 levels.

Asian stocks were slightly higher on Friday after a sluggish start, while the dollar held most of the gains it made overnight on strong USA economic data as some risk appetite returned despite caution over political turbulence in the United States. Prices of oil, one of Canada's major exports, were heading for the second week of gains on expectations big crude exporters will extend output cuts to curb a persistent glut in inventories. The S&P energy index was up 1.1pc along with a jump in oil prices. USA gold futures gained 0.20 percent to $1,255.30 an ounce.

USD/JPY is supported around 110.69 levels and now trading at 111.16 levels. MSCI's main emerging markets index was up 1.1 percent on Friday.On Thursday, the index and real tumbled as fresh accusations against Temer dampened the outlook for his structural reform plans.In commodities, safe-haven gold was on track for its best week in five as the dollar softened.

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Uproar over Trump's recent firing of FBI Director James Comey, who was overseeing an investigation into possible links between the president's team and Russian Federation, has pressured the dollar. Traders are not pricing in additional increases, though, as investors are reluctant to take short positions.

Malaysian shares advanced 0.2 percent and the ringgit was nearly 0.1 percent higher at 4.323 per dollar, after first-quarter gross domestic product grew at 5.6 percent from a year ago, the fastest pace in two years.

The UK's benchmark FTSE 100 closed up by 0.4 percent, FTSEurofirst 300 ended the day up by 0.51 percent, Germany's Dax ended up 0.4, and France's CAC finished the day up by 0.6 percent.

Trump's dismissal of Comey last week set off a political firestorm that culminated on Wednesday in Wall Street's biggest sell-off in over eight months.

The 10-year yield had fallen to 2.181 percent on Thursday, its lowest since April 19. Spot gold added 0.15 percent to $1,248.62 an ounce, set to post a weekly gain of 1.6 percent. USA gold futures settled up 0.06 percent at $1,253.60.

MSCI's emerging markets index rose 0.1 percent.

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