At 2:45 AM ET (0645 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 99.582, down 0.3%, EUR/USD rose 0.2% to 1.0922, GBP/USD gained 0.5% to 1.2240, and USD/JPY rose 0.2% to 107.87.
Late Monday, U.S. biotech company Novavax (NASDAQ:NVAX) said it has begun trials for a coronavirus vaccine in Australia. It expects preliminary results from the Phase 1 clinical trial in July, and upon successful completion Phase 2 will be conducted in several countries, including the United States.
Novavax is one of many drugmakers around the world racing to find a way to fight a pandemic that's infected over 5 million people worldwide.
This followed news that a drop-off in virus cases led the Japanese government to end its state of emergency, adding to the increasing number of countries that are reopening their economies as the course of the coronavirus slows.
Still, ranges are tight as the U.K. and the U.S. return from Monday’s holiday while investors keep a wary eye on the tensions between the U.S. and China and the protests in Hong Kong.
"Markets are caught between two conflicting currents," said Michael McCarthy, CMC Markets' chief strategist. "Rising tensions between China and the U.S. are raising concerns while easing Covid-19 lockdown measures are fuelling growth optimism."
The Chinese yuan, a barometer of relations between the world's two biggest economies, firmed a bit to 7.1324, though it remains near a two-month low of 7.1465 hit on Friday.The Australian dollarwas at $0.6580, up 0.5%, and the kiwi up 0.6% at $0.6136.
We introduce people to the world of currency trading, and provide educational content to help them learn how to become profitable traders. We're also a community of traders that support each other on our daily trading journey.
Trading CFDs on leverage involves significant risk of loss to your capital.
Any opinions, chats, messages, news, research, analyses, prices, or other information contained on this Website are provided as general market information for educational and entertainment purposes only, and do not constitute investment advice. The Website should not be relied upon as a substitute for extensive independent market research before making your actual trading decisions. Opinions, market data, recommendations or any other content is subject to change at any time without notice. DrForexOfficial, will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
We do not recommend the use of technical analysis as a sole means of trading decisions. We do not recommend making hurried trading decisions. You should always understand that PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.