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The U.S. dollar was weak against most of its peers on Monday ahead of the outcome of the European Union leaders meeting on euro area recovery fund, and on continued worries about coronavirus spread in the U.S. and other parts of the world.
Positive news on the coronavirus vaccine front bolstered risk sentiment and weighed on the safe haven currency.
After nearly four days of discussions, there is optimism that the EU leaders will eventually agree on the size and composition of a proposed recovery fund.
European Council President Charles Michel has proposed a new figure of ?390 billion in grants combined with smaller rebate, as against an initial proposal of ?400 billion. Still, the size is higher than the ?350 billion proposed by countries including Austria, Denmark, Sweden, and the Netherlands.
The dollar index slipped to 95.73, and was last seen at 95.80, down 0.15% from previous close.
Against the Euro, the dollar recovered some lost ground, but was still weak $1.1449 around late afternoon, giving up 0.18%.
The Pound Sterling was stronger with a unit fetching $1.2659, after finishing at $1.2567 on Friday.
The Japanese Yen was weak at 107.28, losing about 0.23%.
Against the Aussie, the dollar weakened to $0.7017, down 0.3% from Friday's close of $0.6996.
The Loonie was stronger against the dollar, firming up to C$1.3535 from C$1.3580, while Swiss Franc was little changed at 0.9388 a dollar.
According to a report in medical journal The Lancet, a potential coronavirus vaccine developed by Oxford University with AstraZeneca seems to be safe and has produced strong immune response in early-stage human trial.
Also, U.S. drugmaker Pfizer and CanSino Biologics, China, have reportedly found positive responses for their candidates today.
AstraZeneca Plc. said Monday that the interim Phase I/II trial data showed that COVID-19 vaccine candidate is safe and induced immune response. The company is developing a coronavirus vaccine by the name AZD1222, in partnership with the University of Oxford.
The interim results published in The Lancet confirmed a single dose of the said vaccine resulted in a four-fold increase in antibodies to the SARS-CoV-2 virus spike protein in 95% of participants one month after injection. In all participants, a T-cell response was induced, peaking by day 14, and maintained two months after injection.
