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17 Nov 2020

EUR/USD steady above 1.1850 on coronavirus vaccine hopes

  • EUR/USD trades in the green as risk assets rally on vaccine news. 
  • Dovish Fed expectations add to the bullish tone around the currency pair. 

EUR/USD remains bid above 1.1850 as the hopes for coronavirus vaccine and the prospects of the global economy returning to normalcy in 2021 continue to weigh over the safe-haven dollar. 

Eyes gains for a fourth straight day

The currency pair has risen from 1.1759 to 1.1869 in the past three trading days and could score gains for the fourth straight day on Tuesday, as the risk sentiment has been buoyed by the biotechnology company Moderna's announcement of positive results of its preliminary coronavirus vaccine. A week ago, the US drugmaker Pfizer published similar results for its vaccine, triggering a wave of risk-on action in the financial markets. 

Apart from the improved risk appetite, the currency pair could  benefit from growing odds of additional easing by the Federal Reserve (Fed). According to Reuters, analysts at Standard Chartered Bank and JPMorgan say the Fed will have to create a bridge [with more monetary stimulus] between now and when the coronavirus vaccines are rolled out in sufficient quantity to allow the US economy to recover. That's because the US lawmakers will probably have a tough time approving a fiscal stimulus with the Congress split and President Trump refusing to concede. 

Even so, the bulls need to observe caution the US stock market's internal indicators show signs of exhaustion and sudden pullback may be seen, in which case, the greenback could pick up a haven bid. The Eurozone data calendar is light on Tuesday and the focus would be on the speech by European Central Bank's policymaker De Guindos. 

Technical levels

 

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EUR/GBP is locked in a 0.8655 to 0.90 range for the third straight trading day. The range play marks a weak follow-through to the bullish reversal pat
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