Breaking: Pfizer says covid vaccine 90% effective, markets jump, dollar falls

Yohay Elam FXStreet

Pharmaceutical giant Pfizer has said that its COVID-19 vaccine study has shown that it prevents 90% of infections and that no serious safety concerns have been identified as of the first interim analysis. The company has been developing a vaccine with Germany's BioNTech. No fewer than 43,500 have been participating in the Phase 3 trial.

Developers say it is a "great day for science and humanity" and will apply for emergency approval to use the vaccine by the end of November. Pfizer believes it can supply it 50 million doses by the end of 2020 and 1.3bn by end of 2021.

Equities are jumping with S&P futures up 3%. The safe-haven dollar is falling. with EUR/USD nearing 1.19. GBP/USD has advanced toward 1.21 and USD/JPY is above 104, amid a diminishing need for the safe-haven yen. Gold is falling as the need for stimulus is falling.

Commodities are also on the rise, here is how the move looks on oil prices:

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD sticks to positive bias above 1.1800 as trade jitters undermine USD

The EUR/USD pair builds on the previous day's modest gains and attracts some buyers for the second straight day on Thursday amid a softer US Dollar. Spot prices, however, lack bullish conviction and trade around the 1.1815-1.1820 area during the Asian session, up 0.10% for the day.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold struggle with $5,200 extends ahead of more US-Iran talks

Gold is replicating the recovery moves seen in Wednesday’s Asian trading early Thursday, as buyers continue to flirt with the $5,200 level. Sustained US Dollar weakness and looming US-Iran talks aid the bright metal’s rebound.

Top Crypto Gainers: Polkadot, Near Protocol, Uniswap lead market rebound

Altcoins, such as Polkadot, Near Protocol, and Uniswap, are leading gains over the last 24 hours as Bitcoin jumped 6% on Wednesday. The altcoins are holding steady at press time on Thursday following a rebound the previous day, testing the waters around their 50-day Exponential Moving Average.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.