A Biden Victory has the markets cheering. It seems it’s not only the majority of American’s but the markets the world over that are relieved to see Trump go. In addition Pfizer and BioNTech have reported positive results from 43,500 phase 3 trial tests. No safety issues have been reported thus far and the markets are loving it. But why are investors so hyped?
With four Pharma companies now in the race to release their ground breaking vaccines, all are as effective and will be distributed globally as soon as they are made available. This means only one thing. Global economies will be quicker to return to the pre-COVID norm. For investors this means that their is still plenty of upside in the horizon.
In forex news we have seen the AUD rally to a high of 0.7339 against the greenback. Another to reap the benefits of the vaccine news. With no major news announcements due out today we expect things to remain quiet for the Aussie.
One product to suffer from the positive vaccine news is XAU/USD which has been melted down, plunging to $1,850, a drop of $100. However, it has since recovered slightly to $1,865. Technically you could consider a target of 1,894 followed by 1,933 and 1959. On the downside look for a break bellow 1,848 to lock in a target of 1778.
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