Markets are off the highs and the US dollar is finding its feet as fresh restrictions in various US states counter optimism from the second coronavirus vaccine breakthrough. Optimism on Brexit is boosting the pound and the all-important retail sales are eyed.
On Monday, stocks surged after Moderna reported 94.5% efficacy in its covid vaccine candidate. Moreover, the firm’s immunization doses can withstand higher temperatures for longer, contrary to the Pfizer/BioNTech vaccine.
EUR/USD is trading around 1.1850 as concerns about the spread of coronavirus on both sides of the Atlantic weighs on sentiment, countering Moderna’s upbeat vaccine news.
GBP/USD has topped the 1.32 level after Chief UK negotiator Frost was quoted saying a Brexit deal could be achieved next week.
USD/JPY enjoyed some substantial demand after the announcement of Moderna, however gains faded, as interest for the greenback was quite limited.
WTI took a U-turn from the intraday low to $41.68 while flashing a 0.30% gain on a day during early Tuesday. In doing so, the black gold pays attention to the hints concerning the US-Iran tussle while also observing the US dollar pullback.
Gold held steady below $1,900 following the coronavirus vaccine optimism led Monday’s wild ride.
The Eurozone data calendar is light on Tuesday and the focus would be on the speech by European Central Bank’s policymaker De Guindos. In the NA session, the US Retail Sales for October will be closely watched for fresh impulse while the risk catalysts can keep the driver’s seat. Jerome Powell, Chairman of the Federal Reserve, will speak later in the day and may provide hints if the bank is set to expand its bond-buying scheme.
US Virus Restrictions Reduce Vaccine-Related Optimism – US Retail Sales Eyed
Published on 2020-11-17 08:30
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