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Forex - Dollar Slips Amid Vaccine Hopes as Japan Reopens

ForexMay 26, 2020 02:48AM ET

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Forex - Dollar Slips Amid Vaccine Hopes as Japan Reopens

© Reuters.

By Peter Nurse

Investing.com - The U.S. dollar sold off in early European trade Tuesday amid optimism over the global recovery given positive news of a potential coronavirus vaccine as well as the further reopening of economies, prompting investors to edge out of this safe haven.

At 2:45 AM ET (0645 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 99.582, down 0.3%, EUR/USD rose 0.2% to 1.0922, GBP/USD gained 0.5% to 1.2240, and USD/JPY rose 0.2% to 107.87.

Late Monday, U.S. biotech company Novavax (NASDAQ:NVAX) said it has begun trials for a coronavirus vaccine in Australia. It expects preliminary results from the Phase 1 clinical trial in July, and upon successful completion Phase 2 will be conducted in several countries, including the United States.

Novavax is one of many drugmakers around the world racing to find a way to fight a pandemic that's infected over 5 million people worldwide.

This followed news that a drop-off in virus cases led the Japanese government to end its state of emergency, adding to the increasing number of countries that are reopening their economies as the course of the coronavirus slows.

Still, ranges are tight as the U.K. and the U.S. return from Monday’s holiday while investors keep a wary eye on the tensions between the U.S. and China and the protests in Hong Kong.

"Markets are caught between two conflicting currents," said Michael McCarthy, CMC Markets' chief strategist. "Rising tensions between China and the U.S. are raising concerns, while easing Covid-19 lockdown measures are fuelling growth optimism."

The Chinese yuan, a barometer of relations between the world's two biggest economies, firmed a bit to 7.1324, though it remains near a two-month low of 7.1465 hit on Friday.The Australian dollar was at $0.6580, up 0.5%, and the kiwi up 0.6% at $0.6136.

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Comments (2)

Chris Sundo May 26, 2020 5:39AM ET

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May I laugh at this vaccine hope? Serious scientists have said there is no chance in he ll that there will be a vaccine in 164 days when trump gets voted out. Wayy too dangerous. There were millions of deaths in the 1918 Spanish flu due to the vaccine alone.

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Chris Sundo May 26, 2020 5:39AM ET

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.. and while the doctors of that time duty fully recorded the deaths from the vaccine the Americans kept covering up the deaths .. It was all reported by the Spanish because they were the only country in 1918 that was a neutral country: and the reason the flu was called the Spanish flu was that the Spanish were the only ones who did not have a censored press, unlike the Americans and the British.

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Chris Sundo May 26, 2020 5:39AM ET

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.. it's a sad story that a country like America needs to drag a historical trail of cover-ups around. Same now with cover-ups of reporting Covid. Sad, sad. It's so easy to look for the truth. Lying about anything has just a short-term benefit associated with a large cost of being called a liar. Probably all GOP states

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Chris Sundo May 26, 2020 5:36AM ET

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What a serious joke, about vaccine hopes. Every 5th grader knows there won't be a vaccine before Trump gets voted out of office in 164 days, and NVAX has just reached a very short term support level. It's like Trump helped make up this heading or the part about 'vaccine hopes'.

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