- Yen and Swiss franc crash on the market after Moderna’s announcement.
- USD / JPY rises 50 pips in a few minutes, tries to stabilize above 105.00.
USD / JP jumped to 105.13, marking a high for the day after Moderna’s announcement On the preliminary studies for the coronavirus vaccine, it will trigger a rise in the stock markets and disperse optimism.
The Modern biotechnology company announced that its preliminary studies show an effectiveness of 94.5% for the coronavirus. This is in addition to Pfizer’s announcement of 90% last week.
The novelty made the stock markets rise throughout the world and made gold fall. Among the currencies the most affected were the yen and the Swiss franc, the traditional safe haven assets.
The USD / JPY went from being trading at the start of the European session at a week-long lows below 104.40, to testing Friday’s highs. The pair had begun to change the trend hours ago before the advance of the bags and ended up shooting with the news of Moderna.
The price for the moment failed to affirm above 105.00 and is trading around 104.80 / 90, retreating from the peak, in positive territory and far from the lows.
Should the stock market advance extend, the yen could continue to lose ground. The dollar, for its part, had a positive reaction, since despite the appetite for risk it remained stable against the currencies linked to commodities and the main European ones.
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