- EUR/USD trades near 1.1800.
- Pandemic, US election developments eyed.
- ECB officials’ speeches eyed.
EUR/USD is consolidating above 1.1800 after Monday’s pullback.
The risk-on mood aids the pair after the US elections and coronavirus-vaccine announcement while Trump’s challenges along with the pandemic progress are scuttling the appetite.
Global markets had witnessed a massive risk-on rally earlier this week after pharma companies indicated they are near successful development of an effective COVID-19 vaccine. Pfizer and BioNTech, the developers of the vaccine, reported 90 Percent efficiency for the newly developed vaccine after a 43,500-strong Phase 3 trial.
The Biden victory in the US also set the bullish tone. But, Trump’s insistence on not leaving the office without first throwing a legal challenge has started worrying some market participants.
Meanwhile, the Euro bulls are worried about the rising pandemic cases in the common area, which could trigger further dovishness from the European Central bank.
The euro area will eye the speeches by ECB’s C. Lagarde, L.De Guindos and P.Lane; the economic docket today is empty otherwise.
At the time of writing, one Euro buys 1.1790 US dollars, down -0.19% as of 10:45 AM UTC.