EURUSD falls on vaccine concerns and surge of new infections in USA.
EURUSD falling today on moderately bullish USD markets sentiment as the markets are scaling back the previously installed knee-jerk euro longs on reports that Pfizer and BioNTech reached promising results in 3rd stage testing of their coronavirus vaccines. The U.S. dollar is gaining today as initial optimism about a coronavirus vaccine was offset by worries about how the drug will be delivered (given that it has to be stored under extreme sub-zero temperatures) and by a surge of new infections in the United States. The latest remark by Christine Lagarde, President of the European Central Bank, is also sobering for the euro longs: “The economic recovery from the pandemic emergency could well be bumpy.”
Expect sellers on upward corrections.
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