Tuesday, November 17, 2020

The Market Is Still “Hype” With Vaccines, Losing If You Don't Trade

 The greenback dollar shrank lower as news of the Covid-19 vaccine by Moderna continued to propel major currency trading higher at the start of the European session.

Vaccine maker Moderna, became the second pharmaceutical company in the United States to report a positive decision rather than trying to get the Covid-19 vaccine developed with 94% more order.

Although the craze for vaccines may be temporary, investors are taking this opportunity to turn to risky eyes when the market is still burdened by concerns over the uncertainty sparked by the continuing increase in Covid-19 cases around the world.

The Aussie dollar heads higher in the European session heading to a 2-month high against the USD after being buoyed by the prospect that Australia's central bank will not carry out negative levels in its oil palm oil report published this morning.

Meanwhile the New Zealand dollar continues to trade higher after hitting a 2-year high in the Asian session, buoyed by investors who welcomed the positive development of the coronavirus vaccine.

The pound sterling helped perpetuate its confirming momentum driven by market confidence following media reports that said the UK would reach a post-Brexit trade agreement with the European Union (EU) as soon as early next week.

Meanwhile, the euro currency has also benefited from the slump in the US dollar by trading around 1.1860.