Breaking: Risk rally picks up steam after Moderna says vaccine is 94.5% effective
|Risk flows started to dominate financial markets on Monday after Moderna announced that the latest trial showed that its coronavirus vaccine candidate if 94.5% effective. Additionally, the company said that the vaccine is expected to remain stable at standard refrigerator temperatures of 2° to 8°c for 30 days, per Reuters.
The company further noted that the vaccine is expected to last for 6 months in shipping and long-term storage conditions at standard freezer temperatures of -20°c (-4°f).
According to the statement, Moderna will be seeking authorization for emergency use of the vaccine in the US in the coming weeks. Moreover, the company added that it already has millions of dozes ready to ship pending FDA authorization.
Market reaction
With the initial market reaction, gold came under strong selling pressure and the XAU/USD pair was last seen losing more than 1% on a daily basis at $1,865.
Additionally, the S&P 500 futures are now up 1.05% on the day, confirming the positive shift in market sentiment.
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