Vaccine Questions Emerge, Yen Gains – 12 November, 2020

While the news of a possible COVID-19 vaccine left many optimistic, concerns of successful tests and economic impact have crept in, causing investors to seek the safe-haven yen, helping it edge higher. The yen was up 0.2% to 104.89 per dollar, its highest since the initial announcement by Pfizer who developed the vaccine. Against the dollar, the yen is roughly 1.5% lower for the week for its steepest weekly drop in five months. The Australian dollar was 0.1% lower, and the kiwi was 0.2% lower to $0.6824 yet still on track for a 0.7% weekly gain. The euro was slightly higher at $1.18, however it is down 0.6% for the week. The dollar index is 0.7% higher for the week, while the Chinese yuan is slightly lower against the greenback at 6.6219 per dollar.