Covid-19 Vaccine News Excitement Makes Market Unstable!



The US dollar strengthened on Tuesday and the yen remained low as investors remained optimistic about progress towards the COVID-19 vaccine, although the movement was weaker than in the previous session.

Analysts advise that although vaccine news can be something that can give new hope but be reminded that investors and currency traders are careful because the market currents carried by this news can be followed by some disappointments.

Today, Joe Biden says that the Covid-19 vaccine approval process must be guided by science so that the public can be confident that it is safe and effective. At the same time he stated that the vaccine can no longer be distributed in the near future.

The US dollar index, which measures the greenback against major currencies, strengthened slightly by 0.07% at the 92.7 conversion level as of 11.00 p.m.

The Canadian currency continued to depreciate against the US dollar from a 2-year high after vaccine expansion increased demand for risky currencies.

The Canadian dollar traded 0.2% lower against the US dollar. Analysts argue that investors have begun to re-evaluate after the strengthening of the CAD currency.