Yen Slips On Positive Vaccine Update

Yen Slips On Positive Vaccine Update

10 Nov 2020 09:38 AM

Yen pulled back against U.S. dollar on Tuesday, after news of the development of a coronavirus vaccine dragged the safe haven currency on optimism of a global economic recovery.

U.S. drugmaker Pfizer Inc and German partner BioNTech SE said their vaccine was more than 90% effective in preventing COVID-19 in a large-scale clinical trial.

The yen inched higher to 105.07 against the dollar, after suffering its biggest loss overnight since March.

The vaccine news comes amidst the global tally of COVID-19 infections touched 50.68 million on Monday, fuelling worries of more lockdown measures across the globe.

The euro was slightly changed at 1.1819, after falling more than 0.4% overnight.

The prospects of a Biden presidency has boosted risk sentiment as many believe it could maintain an easy monetary policy and boost international trade relations.