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.

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