The U.S. dollar fell against its major counterparts in the Asian session on Friday, as risk sentiment improved following a progress in peace talks between Russia and Ukraine, with Moscow pledging to cut military operations around Kyiv and Chernihiv in an effort to de-escalate war.

Russian negotiators agreed to scale back military activity around Ukraine's capital Kyiv and the northern city of Chernihiv, though it does not imply a cease-fire or complete withdrawal of troops from the capital.

The negotiators said that the talks were "constructive," raising hopes for a deal to end the war.

Moscow's lead negotiator, Vladimir Medinsky, said that there is still "a long way to go" to reach a mutual agreement with Ukraine.

Investors await U.S. ADP private payrolls data and final GDP report due later today.

The U.S. treasury yield curve briefly inverted on Tuesday, reflecting concerns about an economic downturn in the future.

The greenback reached as low as 1.1135 against the euro, down from Tuesday's close of 1.1085. If the dollar falls further, it may challenge support around the 1.14 level.

The greenback was down against the yen, at a 5-day low of 121.31. The pair had closed Tuesday's deals at 122.86. The greenback is poised to challenge support around the 120.00 region.

The greenback slipped to a 5-day low of 0.9267 against the franc from yesterday's close of 0.9307. On the downside, 0.90 is possibly seen as its next support level.

The greenback that ended Tuesday's deals at 1.3090 against the pound fell to 1.3134. The greenback is seen finding support around the 1.34 level.

The greenback declined to a 2-day low of 0.7536 against the aussie and a 5-day low of 0.6971 against the kiwi, from Tuesday's closing values of 0.7507 and 0.6935, respectively. The greenback is likely to find support around 0.78 against the aussie and 0.72 against the kiwi.

The greenback edged down to 1.2476 against the loonie, from yesterday's close of 1.2493. The greenback may challenge support around the 1.21 level.

Looking ahead, Eurozone economic sentiment index for March is due in the European session.

At 8:00 am ET, German preliminary CPI for March is scheduled for release.

U.S. ADP private payrolls data for March is set for release at 8:15 am ET.

U.S. final GDP data for the fourth quarter will be featured in the New York session.

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