The optimism amid the vaccine’s effectiveness and the high chances that the US will extend its stimulus measures are fueling interest in high-yield currencies. As a result, the US dollar was losing in value again during the European session on Wednesday.
The US dollar index, which measures the US dollar against a basket of six major currencies, fell by 0.2% to 91.157. This is the lowest level since April 2018.
EUR/USD hit its highest level in two years, climbing by 0.2% to 1.2081. It happened thanks to strong macroeconomic data from Germany. Thus, retail sales advanced by 2.6% in October.
USD/JPY rose by 0.2% to hit 104.47. The risk-sensitive AUD/USD grew by 0.2% to 0.7381.
On Tuesday, during the Senate Banking Committee, Jerome Powell stated that the US economy is still unstable. He was calling on Congress to provide additional financial assistance.
At the same time, a bipartisan Senator’s group presented a $908 billion emergency support project for the US economy to overcome the pandemic’s consequences.
The effectiveness of the developed vaccines against coronavirus is really high. In this regard, the companies developing them send requests to regulators for the use and registration of their drugs.
For example, on December 17, the US medical regulator FDA will consider Moderna’s application for the COVID-19 vaccine at the meeting of the regulator’s advisory committee.
GBP/USD rose by 0.2% to trade at $1.3438. It is close to a three-month high. Moreover, there are rumors that the EU and the UK will not be able to agree on the Brexit deal.
The material has been provided by InstaForex Company – www.instaforex.com
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