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As of Wednesday morning, the euro is more expensive than the US dollar. At the time of writing, the EUR / USD pair has risen by 0.12%, trading around $ 1.1901.
The main cause of this increase is the news of imminent appearance of COVID-19 vaccine.
Just recently, British company AstraZeneca announced positive results on the interim analysis of its drug. According to their report, their COVID-19 vaccine is 70% -90% effective.
Prior to this, pharmaceutical companies Moderna, Pfizer and BioNTech also rocked the markets with positive news that their drugs are estimated to be 95% effective. Thanks to this news, investors can assess the outlook of global economic recovery after the coronavirus crisis.
The encouraging news boosted demand for risky assets, which includes the European currency.
To add to that, Joe Biden's win in the US presidential elections also influenced the mood of market players, raising their willingness to take risks.
And on Tuesday, November 24, the General Services Administration said it was ready to begin the process of transferring power. But although the incumbent head of the White House, Donald Trump, confirmed that he personally gave this order, he, at the same time, does not intend to admit defeat in the elections.
In any case, the news was positively received by the market, because this kind of turnaround, to some extent, helps ease the uncertainty that has been significantly pressing on the market over the past few weeks.
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