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The dollar noticeably weakens on Tuesday and loses some of the growth gained at the end of November, which is facilitated by the increased interest of market players in risky currencies and higher-yielding assets outside the United States. Positive news about a potential vaccine from Moderna, as well as expectations of further easing of monetary policy, encourage market players to leave the safe haven.
The dollar index, which tracks its value against a basket of six other currencies, was down 0.08% to 91.79.
The EUR / USD pair is up 0.3% to 1.196. The USD / JPY pair is also up 0.1% to 104.43. the risk-sensitive AUD / USD pair is up 0.5% to 0.7349, which is directly related to the Reserve Bank of Australia maintaining its key interest rate and maintaining its three-year yield target at 0.10%.
The biotech company, Moderna, called for emergency use of its coronavirus vaccine in both the United States and Europe on Monday, November 30. The submitted application will be reviewed by the Food and Drug Administration (FDA), which may most likely take several weeks.
Meanwhile, according to Bloomberg reports, the European Union plans to buy about 80 million doses of the Moderna vaccine, while the UK is about 7 million. The largest buyer of the drug is the United States, which pre-ordered 500 million doses.
The results of tests of the developed vaccine at the last stage showed that this drug is very effective in the fight against COVID-19. Moderna promises that the vaccine will be equally effective for people of all ages, different races, and both sexes. Moreover, the company assures that there are no serious security problems with their development. Upon this news, Moderna quotes rose 12% on the premarket.
Although the rise in new cases of coronavirus in the US does not provide much support for the dollar, it is still a concern. So, the Governor of California said that he will have to call on about 40 million residents of the state to self-isolate, as a surge in infections may soon lead to an overload of hospitals.
US Federal Reserve Chairman Jerome Powell plans to address Congress on Tuesday and on Wednesday, December 2. And on December 15 and 16, Powell is expected to speak before the Central Bank's monetary policy meeting. Due to the fact that the new fiscal incentives continue to exist, investors are pinning their hopes on the Fed. Activation of additional purchases of bonds at Powell's December meeting would be very useful, therefore market players will focus their close attention on the speech of the head of the Fed.
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