Dollar Down as Vaccine Optimism
The dollar was down on Wednesday morning in Asia, after increasing optimism over a global economic recovery saw investors turn towards riskier assets.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies edged down 0.17% to 92.067 by 11:55 PM ET (3:55 AM GMT). The dollar slumped to a near two-month low against the riskier AUD and NZD, and close to a two-week low against the euro.
The Dollar dips on vaccine doubts
With AstraZeneca PLC (LON:AZN) reporting positive results for its candidate AZD 1222 on Monday.
Dollar loses out on growing optimism about virus vaccine
Incumbent President Donald Trump’s administration has reluctantly starting to co-operate with President-elect Joe Biden’s administration for a smooth transition, adding to the optimism.
FX Signals | Dollars bought as stimulus hopes
With a vaccine and the likely nomination of former Federal Reserve Chairman Janet Yellen, a vocal advocate for more fiscal spending, as Biden’s Secretary of the Treasury removing two large uncertainties for investors, the dollar’s decline only looks likely to continue in the short term as its appeal as a safe harbor currency is diminished.
The USD/JPY pair inched 0.10% to 104.54.
The USD/CNY pair edged down 0.18% to 6.5779. The onshore yuan rose over hopes of better U.S.-China relations under the Biden administration.
Signals – Dollar Weakness Likely TemporaryDollar Down as Vaccine Optimism
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Dollar Down as Vaccine Optimism
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