Dollar maintains momentum on vaccine hopes

12.11.2020 - Korneychuk Evgeniya
Dollar maintains momentum on vaccine hopes

The dollar recorded an upbeat performance on Thursday. This was mainly from investors’ move of adjusting their expectations about a coronavirus vaccine. While the recent breakthrough capped the performance of risk assets, it maintained enough confidence to support the greenback against safe havens.

The dollar index placed just below a one-week peak reached overnight. Against the Swiss franc, it managed to place near a one-week high. Meanwhile, it had seen a three-week peak against the yen.

Currently, the yen is quoted at 105.41 per dollar, placing 2% below its eight-month peak recorded the previous week. Last week’s record was brought by Joe Biden’s electoral lead, prompting a wave of dollar selling among investors.

Meanwhile, the euro was 0.3% weaker overnight after the European Central Bank announced its bond and loan schemes to salvage virus-beaten economies. In addition to this, the British pound plunged as Brexit trade talks weighed.

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