Forex Today: Dollar soars, Wall Street reaches record highs on fresh coronavirus vaccine hopes
|Here is what you need to know on Tuesday, November 10:
Financial markets kick-started the week with optimism amid some definitions coming from the US presidential election. The media called Joe Biden the winner, although current President Donald Trump won’t give up without legally battling the results.
The upbeat mood soared on reports that the Pfizer coronavirus vaccine has shown more than 90% effectiveness in preventing COVID-19, while no serious safety concerns have been observed. European indexes posted substantial gains, while Wall Street rallied to all-time highs ahead of the opening, maintaining a positive tone throughout the American session.
The greenback ended up surging against all of its major rivals after initially appreciating only against safe-haven rivals. The EUR/USD pair flirted with 1.19 to finish the day closer to the 1.18 figure.
GBP/USD held around 1.3150, as Brexit news partially offset the dollar’s strength. UK Finance Minister Rishi Sunak said that significant progress was made in Brexit talks while announcing a plan to provide stability to the post-Brexit era's financial sector. Meanwhile, EU's chief Brexit negotiator Michel Barnier said they are redoubling their efforts to reach an agreement on the future EU-UK partnership.
The USD/JPY pair was the best performer, adding roughly 200 pips in the day, finishing it at around 105.40.
Gold hit a daily high of $1.965.57 a troy ounce from where it plummeted to 1,850.30 on the back of optimism. On the contrary, crude oil prices followed equities and advanced, with WTI settling above $40.00 a barrel.
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