{"id":293453,"date":"2020-11-19T23:52:25","date_gmt":"2020-11-19T12:52:25","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/articles\/vaccine-updates-and-rising-covid-19-cases\/"},"modified":"2021-02-19T12:13:09","modified_gmt":"2021-02-19T01:13:09","slug":"vaccine-updates-and-rising-covid-19-cases","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/weekly-summaries\/vaccine-updates-and-rising-covid-19-cases\/","title":{"rendered":"Weekly Summary – Vaccine Updates and Rising Covid-19 Cases"},"content":{"rendered":"

By Deepta Bolaky<\/strong>
\n\u00a0@DeeptaGOMarkets<\/a><\/p>\n

Investors welcomed the series of positive vaccine updates across the week against the backdrop of the rapid global surge in the number of coronavirus cases. The sentiment in the financial markets swayed between risk-on and risk-off reflecting the uncertainty of global economic growth following more localised lockdowns and social distancing measures in major economies. <\/span><\/p>\n

Stock Market – Vaccine Updates<\/b><\/h4>\n

Global equities started the week on a strong note following the recent vaccine updates but the momentum tamed amid the elevated concerns of rising virus cases as the week comes to an end. The US share market was also underpinned by the stimulus gridlock in Washington.<\/span><\/p>\n

Moderna<\/b> announced that the Phase 3 study met the statistical criteria with a vaccine efficacy of 94.5%.<\/span><\/p>\n

Pfizer and BioNtech <\/b>provided another update this week whereby they announced more promising results on the efficacy rate. After conducting the final efficacy analysis in their ongoing Phase 3 study, their mRNA-based COVID-19 vaccine candidate met all the study\u2019s primary efficacy endpoints. The analysis of the data indicates a vaccine efficacy rate of 95%.<\/span><\/p>\n

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\nSource: Bloomberg<\/p>\n

Forex Market<\/b><\/h4>\n

In the forex market, the price action was also primarily driven by the vaccine and virus updates. Major currencies remained mostly within familiar levels. Safe-haven currencies like the Japanese Yen and Swiss franc together with the British Pound were among the best performers against the US dollar while commodity-related currencies were trading mostly on the downside.\u00a0<\/span><\/p>\n

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\nSource: Bloomberg<\/p>\n

US Dollar Drop<\/b><\/h5>\n

The US dollar struggled against its peers this week following fresh daily records on the virus front, mixed economic data, a dovish central bank and a stimulus gridlock. The greenback was unable to follow other safe-haven currencies amid the current environment.\u00a0<\/span><\/p>\n

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On the economic front, investors digested the mixed data and the prospects of more economic grief in the coming months following more lockdowns and social distancing measures to combat the virus outbreak in the US.\u00a0<\/span><\/p>\n