
Dollar Up Despite Vaccine Approval
Fx Signals FxPremiere.com – The dollar was up on Thursday morning in Asia, reversing its earlier downward trend even as the possibility of U.S. economic stimulus measures and the first approval of a COVID-19 vaccine increased investors’ risk appetites.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.04% to 91.037 by 9:58 PM ET (1:58 AM GMT).
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Although Republicans and Democrats in Congress have yet to reach agreement over the latest stimulus measures’ price tag, investors remained optimistic that a $908 billion bipartisan proposal is slowly gaining traction.
FOREX – U.S. Dollar Down Amid Improved
Congress has until Dec. 11 to pass the $1.4 trillion budget or risk a government shutdown, adding a big incentive to reach a deal before the deadline.
Pound Rises as Vaccine Progress
Across the Atlantic, the U.K. became the first country to approve a COVID-19 vaccine, the BNT162b2 candidate jointly developed by Pfizer Inc (NYSE:PFE) and BioNTech SE (F:22UAy), on Wednesday. Inoculation of those most as risk is expected to begin early in the following week.
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Dollar loses out on growing optimism about virus vaccine
“On the whole, the new U.S. economic team under President Biden will be dovish, if not directly pursing a weaker dollar per se … the next target for the euro should be its February 2018 peak of $1.2555.
The USD/JPY pair inched up 0.10% to 104.50. Japan’s services Purchasing Managers’ Index (PMI) came in at 47.8 in November, little changed from October’s figure of 47.7.
The AUD/USD pair edged down 0.17% to 0.7402. The AUD saw a 26-month high overnight as investors digested Wednesday’s positive data, including GDP, that showed that the Australian economy saw a stronger-than-expected bounce back in the third quarter. Across the Tasman Sea, the NZD/USD pair edged down 0.11% to 0.7061.
Dollar Down as Vaccine Optimism
The USD/CNY pair edged down 0.12% to 6.5547. China released November’s Caixin services PMI which beat expectations by coming in at 57.8.
Investors are also looking at the offshore yuan, which saw a two and a half year high in November and continues to maintain its strength over expectations that U.S. President-elect Joe Biden’s administration will be more conducive to Chinese economic growth.
GPB/USD Firms Could Reach 1.35USD
The GBP/USD pair inched up 0.03% to 1.3367. The pound was hovering near a three-month high, after trading unevenly during the previous session as Brexit talks between the U.K. and the European Union.

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Dollar Up Despite Vaccine Approval
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Dollar Up Despite Vaccine Approval
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