Dollar climbs on COVID-19 vaccine FDA approval

26.08.2021 - Petr Mazaylo
Dollar climbs on COVID-19 vaccine FDA approval

The dollar gained on Thursday morning in Asia but stayed close to a one-week low as fears on the COVID-19’s economic blow eased. Investors now focus on the U.S. Federal Reserve’s Jackson Hole symposium for hints on asset tapering timeframe.

The U.S. Dollar Index that measures the greenback against other major currencies tallied an increase of 0.08% to 92.903 by 11 PM ET (3 AM GMT).

The USD/JPY pair remained at 110.

The AUD/USD pair declined 0.13% to 0.7264, and the NZD/USD pair shed 0.17% to 0.6960.

The USD/CNY pair jumped 0.08% to 6.4809, while the GBP/USD pair was down 0.03% to 1.3755.

Investor confidence improved following the Food and Drug Administration’s authorization of Pfizer Inc/BioNTech SE COVID-19 vaccine earlier this week. Moderna Inc is also expected to get full approval within weeks.

Meanwhile, the Jackson Hole symposium will start today, with Fed Chairman Jerome Powell speaking on Friday. Some investors remain doubtful if the central bank will provide a timeline for asset tapering and interest rate hikes during this symposium.

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