Mon. Nov 28th, 2022

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Dollar sinks as sentiment recovers on vaccine hopes and deals

1 min read
Usd

The dollar dipped against riskier currencies on Tuesday as hopes for a coronavirus vaccine and big corporate deals improved investor appetite for assets such as the yuan and the euro.

The dollar index dipped to 93.029, slipping further from a one-month high of 93.664 touched last Wednesday, with its low last week of 92.695 seen as an immediate support.

The euro inched up to $1.1867, having gained for four straight sessions until Monday.

Against the safe-haven yen, the dollar traded at 105.73 yen, having touched a two-week low of 105.55 yen on Monday.

Helping sentiment, AstraZeneca  resumed British clinical trials of its Covid-19 vaccine, one of the most advanced in development while Pfizer Inc and BioNTech SE proposed expanding their phase three Covid-19 vaccine trial.

Wall Street shares bounced back also as several multi-billion dollar deals – including Nvidia’s purchase of chip designer Arm and a deal between Oracle and China’s ByteDance on TikTok – lifted confidence.

The British pound bounced back to $1.2851, following a fall of 3.66% last week, showing limited reaction after the UK government won an initial Parliamentary vote on its controversial bill to violate the Brexit deal with the European Union.

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