Forex Today: Markets torn between covid resurgence and vaccine hopes, kiwi jumps, Lagarde eyed

Here is what you need to know on Wednesday, November 11:

Markets are edging higher and the dollar is on the back foot as the surge of COVID-19 cases counters the dramatic vaccine announcement on Monday. NZD/USD stands out and ECB President Christine Lagarde is awaited as several countries are off for a bank holiday.

US coronavirus hospitalizations have hit the highest since April, as cases and mortalities are also rising. Nevada's governor asked residents to stay at home 

Infections remain elevated in Europe, with Italy imposing restrictions on additional regions and contemplating a national lockdown. German cases also remain high.

Vaccine: Dr. Anthony Fauci, the outspoken epidemiologist, said that an emergency authorization for Pfizer's vaccine could be ready as early as December. While production, storage, and distribution may be issues, investors hope that other immunization projects report success in the coming weeks. 

US elections: President-elect Joe Biden continues working on transition plans while President Donald Trump refuses to concede, repeating unsubstantiated claims of fraud. Election officials in all states said there are no irregularities that affected the outcome. The final counting continues in various states and is unlikely to change the results. 

The Reserve Bank of New Zealand left its interest rate unchanged and surprised with a relatively upbeat assessment. Most importantly, the Wellington-based institution hinted that negative borrowing costs are off the table, sending NZD/USD 1% higher. 

Christine Lagarde, President of the European Central Bank will speak later on. She may provide comments on the economy. 

EUR/USD has stabilized around 1.18 while GBP/USD is holding onto gains close to 1.33. The yen remains the loser of the current bout of volatility, with USD/JPY changing hands around 105.50. Gold is attempting to recover but has yet to recapture the $1,900 level. 

Brexit talks continue in London, with fisheries, state aid, and Britain's Internal Markets Bill remaining the thorniest issues. UK Prime Minister Boris Johnson spoke with Biden and the Good Friday agreement Ireland was mentioned. The new administration wants the arrangements to maintain the peace in the Emerald Isle. 

Bitcoin has stabilized around $15,400 while Ethereum continues marching higher. 

Several markets are closed to commemorate the end of World War I, implying lower liquidity and thinner volume. 

Are currency markets shifting to comparative economics?

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