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Dow Jones Rips on Moderna Virus Drug Trial

  • November 20, 2020
    The anti-risk Japanese Yen and similarly-behaving US Dollar were some of
    the worst-performing major currencies on Monday. On the flip side of
    the risk spectrum, the sentiment-oriented Australian Dollar and New
    Zealand Dollar appreciated. As one might anticipate, there was a broad
    aggressive upbeat tone in sentiment over the past 24 hours. The Dow
    Jones and S&P 500 closed +3.85% and +3.15% respectively.To get more
    news about WikiFX, you can visit wikifx official website.

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      While market mood was generally upbeat throughout the session, the
    pace aggressively picked up tempo in late European and early North
    American trade. Reports crossed the wires from Moderna – a US
    biotechnology company – that a vaccine had ‘promising results’ in an
    early interim clinical trial. The doses triggered an immune response in
    eight healthy volunteers. The CEO of Moderna said the data ‘couldn’t
    have been better.

      The results likely brought forward expectations of a
    sooner-than-anticipated recovery in global growth. WTI crude oil closed
    at its highest in over 2 months. This is as China reported that oil
    demand at pre-covid 19 levels. Energy shares were the outperformers on
    Wall Street followed by industrial stocks. The Euro appreciated as
    Germany and France proposed a €500 billion coronavirus recovery fund.

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      Tuesdays Asia Pacific Trading Session

      With that in mind, Asia Pacific equities may follow Wall Street
    higher. That could open the door for the Australian and New Zealand
    Dollars to expand upon gains over the past 24 hours. The AUD/USD may
    also look past incoming RBA meeting minutes after a rather tepid
    response to the rate announcement earlier this month. It may focus on
    broader sentiment instead. An upbeat tone may also bode ill for the Yen.

      Japanese Yen Technical Analysis

      USD/JPY may still be in a position to see gains pickup from a
    technical standpoint. Last week, prices pushed above a bullish Falling
    Wedge chart pattern. Follow-through has been somewhat lackluster, but
    prices seem to be pointing upward after testing near-term rising support
    from May 6 – red line below. That places the focus on immediate
    resistance at 107.77. Clearing the latter may pave the way for further
    gains.