By Gina Lee
Investing.com – The dollar was down Tuesday morning in Asia after the U.S. fabric manufacturer Moderna (NASDAQ 🙂 announced “positive” results for its potential COVID-19 vaccine on Monday.
All 45 participants in Phase 1 developed antibodies to the virus after two doses.
Tracking the greenback against a basket of other currencies slipped 0.01% to 99,672 at 12:14 PM ET (05:14 GMT). Investors withdrew from the safe haven asset with the news and increased their risk appetite.
“There has been a huge improvement in risk sentiment because of the hope of a vaccine,” Junichi said Ishikwa, senior FX strategist at IG Securities, told CNBC.
“Volatility is falling for stocks and the cost of dollar financing is lower. It’s easy for the dollar to fall and for other currencies to ride the dollar’s losses higher. ”
Meanwhile, the U.S. Federal Reserve Chairman Jerome Powell is scheduled to talk about the state of the U.S. economic recovery following the virus Tuesday, where he is expected to push for future financial support.
The pair rose 0.06% to 107.40 as investors wait for Japanese industrial production data for March to be released later in the day.
A data release from Monday showed that the Japanese economy has fallen at an annual rate of 3.4% between January and March.
The pair rose 0.04% to 0.6525. The Australian Central Bank released the minutes from its monetary policy meeting in May earlier on the day stating that the board “would not raise the cash interest rate target until progress towards full employment and is convinced that inflation will be sustainable within the 2- 3 percent target band. “
Jumped 0.12% to 0.6045, after Reserve Bank Deputy Director Geoff Bascand of the Reserve Bank of New Zealand said in an interview that the bank will reconsider its monetary easing in about three months to decide whether to “do more or take the foot off pedal a little bit. “
The pair rose 0.01% to 7.1096, and the pair rose 0.07% to 1.2197.
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