Markets rise sharply after Prizer announcements of 90% efficacy in its vaccine

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  • Markets soar after announcement about the coronavirus vaccine.
  • The yen, the dollar and gold plummet.
  • Oil soars more than 5% and Wall Street futures point to a 3% rise.

Pfizer announced that the first studies on the stages of the coronavirus vaccine were 90% effective. Stock markets shot up in seconds after the report, generating sharp movements in the currency market as well. The dollar tumbled, although the yen fell the most.

Risk appetite pushed bond yields higher and pushed USD / JPY up to 104.30, already up more than 100 pips from last week’s lows.

The dollar fall it occurred mainly against currencies linked to commodities and emerging markets. AUD / USD hit highs above 0.6825, while NZD / USD topped 0.7300.

The Europe’s leading companies cut losses against the dollar, although they had a moderate rise. Gold tumbled more than $ 20 in minutes, falling to the $ 1920 area, after trading near $ 1965 hours ago.

The futures of Wall Street point out that the main indices will open with gains of over 4% for the Dow Jones and in the order of 2% on the Nasdaq. In Europe, the main stock markets rise between 3 and 5%.

Pfizer is developing the vaccine with BioNTech. The announcement includes few details of its clinical studies and is based on the first study formed of the data by a panel of experts, as reported by the New York Times. The high efficacy makes investors optimistic that an effective vaccine would be available soon.



Credits: Forex Street


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