Forex Signals – Dollar Retreats Amid Investor Hopes for Potential Vaccine – The dollar was down on Tuesday morning in Asia after U.S. drugmaker Moderna (NASDAQ:MRNA) announced “positive” results for its potential COVID-19 vaccine on Monday.

The U.S. Dollar Index . Investors retreated from the safe-haven asset with the news increasing their risk appetite.

“Volatility is falling for stocks and dollar-funding costs are lower. It’s easy for the dollar to fall and for other currencies to ride the dollar’s losses higher.”

The AUD/USD pair gained 0.04% to 0.6525. The USD/CNY pair was up 0.01% to 7.1096 and the GBP/USD pair gained 0.07% to 1.2197

Telegram Forex Signals

The Australian dollar’s turnaround signals the start of a recovery that may see it rally to 70 U.S. cents by year-end, according to Insight Investment.

An early start to rebooting the economy and a rebound in commodities will support the Aussie, says Adam Kibble, investment specialist at Insight. Nation aims to restart its economy by July under a three-part plan that puts it ahead of developed markets.

Australia is set to recoup about 60% of monthly gross domestic product at the final stage of the government’s plan to fully relax restrictions, according to Bloomberg Economics. The central bank predicts the economy will contract 10% from peak-to-trough this year.

The Best Forex Signals

Australia’s biggest trading partner is “further down the recovery path and has started to see some degree of normalization in the economic activity,” Kibble wrote in a report. The Australian government has unveiled one of the “most aggressive” policy responses among Group-of-10 peers with an A$130 billion ($83.7 billion) rescue plan, and any sell-off may be an opportunity to buy, Kibble said.

Trade better, discover more Forex Signals Strategies
Better Still Sign Up For our FX Signals Daily
Read more on Forex News Today
Download our Forex Signals APP

Join our 21,345  Subscribers Forex Signal Packages!!

Dollar Retreats Amid Investor Hopes for Potential Vaccine.