EUR/USD is trading at its highest level since March, near 1.1440, up 0.35% on the day. The rally comes after Moderna reported progress in developing a coronavirus vaccine, Yohay Elam, an analyst at FXStreet, informs.
“Massachusetts-based Moderna is moving markets up, and not for the first time. The highly-regarded New England Journal of Medicine reported that the pharma company’s test produced neutralizing antibodies – four times more than in recovered patients – among the 45 human subjects and with little side effects.”
“California, which imposed a sweeping lockdown, hit a record number of cases, and so did Texas, which took only minor steps. Total US infections have surpassed 3.6 million, and deaths topped 136,000. Mortalities are on the rise.”
“In the old continent, the disease remains under control despite several local flareups. The focus is on deliberations between EU members on the proposed recovery fund. German Chancellor Angela Merkel hosted Spanish Prime Minister Pedro Sánchez on Tuesday and said she is willing to compromise to get the deal over the line.”
“Markets have brushed aside Sino-American tensions. President Donald Trump has ended Hong Kong’s special status in response to China’s tighter grip on the city-state. Nevertheless, the world’s largest economies continue to uphold the trade deal.”