Dollar rises after coronavirus vaccine news
- 10 Nov 2020
Gulf Today Report
The dollar advanced on Tuesday following the announcement of a coronavirus vaccine, raising the hope of investors.
Pfizer Inc and BioNTech announced on Monday that the result of their clinical trial for COVID-19 vaccine has proven to be more than 90% effective.
The dollar jumped following that announcement. Analysts attributed the increment to investors ditching long positions in other major safe-haven currencies such as Japenese yen and the Swiss franc.
Neil Jones, head of FX sales for financial institutions at Mizuho, said he expected the risk-on moves to continue.
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"I don’t think it’s over and don’t think the foreign exchange market will become completely sceptical," he said.
The dollar has lost around 1.4% this month as Joe Biden emerged the president-elect of the United States.
The Japanese yen inched above a little following the vaccine announcement but still relatively weak at 105.155 at 12:20 GMT.
Euro-dollar was flat at $1.1815.
