The first effective coronavirus vaccine can prevent more than 90% of people from getting Covid-19, a preliminary analysis shows.
Their vaccine has been tested on 43,500 people in six countries and no safety concerns have been raised.
The companies plan to apply for emergency approval to use the vaccine by the end of the month.
Pfizer believes it will be able to supply 50 million doses by the end of this year, and around 1.3 billion by the end of 2021.
There are logistical challenges, as the vaccine has to be kept in ultra-cold storage at below minus 80C. There are also questions about how long immunity lasts and the companies have not presented a breakdown of the vaccine's effectiveness in different age groups.
Dr Albert Bourla, the chairman of Pfizer, said: "We are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis."
Over the weekend, the People's Bank of China cut the forex risk reserve ratio for forward contracts - from 20% to zero, according to a central bank statement.
Banks used to hold 20% of sales for some currency forward contracts, which essentially lock in the exchange rate for the sale of a currency on a future date.
The central bank move appeared to be aimed at stabilizing the Chinese currency, also referred to as the renminbi.
Last Friday, the currency rallied around 1.4%. "In the next step, the will continue to maintain the flexibility of the RMB exchange rate and stabilize market expectations, so as to keep the RMB exchange rate basically stable at an adaptive and equilibrium level," said the statement on the PBOC website.
While the U.S. Federal Reserve has cut rates and indicated they will stay near zero for years, China's central bank has reversed the bulk of the decline in short-term rates - meaning that Chinese treasury yields are set to be above that of other major markets.
That could draw investors to Chinese government bonds, leading to an inflow into the yuan - hence boding well for the exchange rate.
Investing.com - The dollar slipped in early European trade Thursday, with the euro gaining ahead of greenback ahead of a policy meeting of the European Central Bank later in the session.
The euro has pushed higher, helped by Bloomberg News reporting that ECB officials are growing more confident in the bloc's economic outlook.
With this in mind, traders will be following this ECB meeting closely.
While changes in interest rate policy are unlikely, Lane's remarks suggest officials are growing uncomfortable with the euro's almost 6% appreciation against the dollar from its June low.
The ECB is under pressure again after Eurozone consumer prices turned negative in August for the first time since 2016, and the U.S. Federal Reserve changed its monetary policy strategy in such a way as to weaken the dollar further.
"Despite a challenging economic outlook, we think the ECB will keep its monetary policy stance unchanged at the September meeting," said analysts at Barclays, in a research note.
The Central Bank of Nigeria has directed all banks to initiate a post-no-debit on the bank accounts of 38 companies over alleged forex infractions among other violations.
The affected bank accounts are mainly for bureau de change, betting and logistics companies, The Cable reports.
"You are hereby required to place the under listed accounts on post-no-debit with immediate effect and revert with the account names, numbers, currencies, and balances of all accounts placed on PND.".
As per the directive, CNB ordered banks to submit names, addresses, and Bank Verification Numbers of all the exporters who have failed to repatriate their export proceeds.
Nigeria ranks as one of the major hubs for forex trading in Africa.
A Post-No-Debit is a direction where banks do not allow any withdrawals or transfers from the bank account of account owners.
The Central Bank of Nigeria has instructed banks to place a post-no-debit on the bank accounts of 38 companies.
The affected accounts belong to betting companies, bureau de change companies and some logistics companies, according to a report on Saturday.
The report stated that the companies were being accused of forex infractions, moving forex abroad without the required authorisation and "Economic sabotage."
In a September 4 memo signed by the Director of Banking Supervision, Bello Hassan, read, "You are hereby required to place the under listed accounts on post-no-debit with immediate effect and revert with the account names, numbers, currencies and balances of all accounts placed on PND.".
A post-no-debit means that all debit transactions, including ATMs and cheques, on the accounts have been blocked but money can be deposited into the accounts.
The apex bank said only the listed companies should be placed on PND adding that all related accounts be excluded.
SINGAPORE - The dollar steadied on Friday as a jump in U.S. bond yields and a drag on sentiment from lacklustre Chinese economic data put the brakes on a selldown of the world's reserve currency.
The mood had the dollar within reach of snapping a seven-week losing streak against the risk-sensitive Aussie AUD=D3, which has settled around $0.7149 and is flat for the week.
The yen JPY= is on course for its weakest week against the dollar in two months and is down about 0.9% at 106.84 from last Friday's close.
The biggest loser has been the kiwi NZD=D3, which was pressured at $0.6538, as the country faces a fresh coronavirus outbreak and after the central bank this week flagged increased bond buying and again mentioned the prospect of negative rates.
Against a basket of currencies =USD the dollar remains 0.2% lower for the week, but it has appeared to arrest a slide that has it about 9.5% below its March peak.
The Reserve Bank of New Zealand sparked a bond rally this week by promising to extend its own purchases and, next week, speed them up as well.
SHANGHAI/BEIJING - A sharp escalation in tensions with the United States has stoked fears in China of a deepening financial war that could result in it being shut out of the global dollar system - a devastating prospect once considered far-fetched but now not impossible.
"Yuan internationalisation was a good-to-have. It's now becoming a must-have," said Shuang Ding, head of Greater China economic research at Standard Chartered and a former economist at the People's Bank of China.
Calling U.S. leaders "Extremists", Yu said a decoupling is not impossible, so China should make preparations.
Any move by Washington to cut China off from the dollar system or retaliation by Beijing to sell a big chunk of U.S. debt could roil financial markets and hurt the global economy, analysts said.
Fang Xinghai, a senior securities regulator, said China is vulnerable to U.S. sanctions and should make "Early" and "Real" preparations.
Shuang Ding of Standard Chartered said Beijing has no choice but to prepare for Washington's "Nuclear option" of kicking China out of the dollar system.
TOKYO - The dollar held overnight gains on Tuesday following seven weeks of an almost relentless fall as investors clung to hopes of a bi-partisan stimulus deal in Washington and U.S. bond yields rebounded from multi-month lows.
The dollar index jumped back to 93.597 from Friday's two-year low of 92.495.
The dollar stood little changed at 105.96 yen.
U.S. congressional leaders and Trump administration officials said on Monday they were ready to resume negotiations on a coronavirus aid deal, although it was unclear whether Democrats and Republicans would be able to bridge their differences.
China imposed sanctions on 11 U.S. citizens, including Republican lawmakers, following Washington's sanctions on Hong Kong and Chinese officials.
U.S. Treasury Secretary Steven Mnuchin said companies from China and other countries that do not comply with accounting standards will be delisted from U.S. stock exchanges as of the end of 2021.
LONDON - The U.S. dollar rebounded whilst other major currencies weakened on Friday after President Donald Trump took steps to ban transactions with the Chinese owners of two popular mobile apps.
The U.S. dollar is rebounding after a persistent sell-off in the past few weeks on the back of a combination of rising U.S. coronavirus infections, a steady decline in Treasury yields, and a lack of consensus in Washington over additional fiscal stimulus.
The U.S. dollar strengthened even though data on employment in the United States is expected to come in weaker, but with expectations being so low, any surprise to the upside would push the dollar higher, analysts said.
"It's easy for the U.S. dollar to find reason to appreciate again," Reichelt said.
The resurgent dollar is showing that any shift in investors' appetite for risk can quickly revive demand for the U.S. currency.
The dollar is at its most oversold level in over 40 years, investment bank Morgan Stanley said on Friday, adding it had now shifted from its dollar-bearish stance and turned "Tactically neutral" on the U.S. currency.
London - The dollar fell on Monday, after reaching its lowest since September 2018 overnight, as deteriorating U.S.-China relations and concerns about the U.S. economy saw investors look to the yen and Swiss franc as safe havens.
With domestic economic concerns trumping its role as a safe-haven currency, the dollar index fell overnight, steadied in the early hours of the morning, then continued its descent.
At 1058 GMT, the dollar index was at 93.777, down 0.6% on the day =USD. As COVID-19 infections show no signs of slowing in the U.S., investors are doubtful of a quick economic recovery.
With the dollar's role as safe haven in question, the Japanese yen and Swiss franc strengthened, suggesting that investors are seeking safety elsewhere.
Versus the dollar, the Swiss franc reached a five-year high of 0.9167 overnight CHF=EBS. The dollar lost 0.8% against the yen, which strengthened to a four-month high of 105.265 JPY=EBS. "Under a general dollar sell-off environment the yen is benefiting as a safe-haven currency," said Neil Jones, head of FX sales at Mizuho, adding that month-end flows were also playing a role.
"Markets are potentially looking for risk aversion currencies, and this seems to be a discretionary switch away from dollar into the yen and the Swiss franc," he said.
Disclaimer: I am not the creator nor am i promoting this tool for any personal gain whatsoever. This is a 100% free tool that can be downloaded from the web. I am not posting here to bring attention to myself or any other website regardless of context. I'm merely sharing this utility with the intention of helping new traders and veteran traders alike. I read the subreddit rules and it's prohibited to share links to blogs, youtube, and social media; nor can we post promotional marketing activity (promotions to generate sales). Since this post doesn't directly fall into those categories this post should hopefully be okay .submitted by GareBearthetrader to Forex [link] [comments]
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While it's strength as a powerhouse may not be a shock, it may come as a surprise that the dollar is also the official currency of a host of U.S. territories and other sovereign nations around the world.
More than 65 countries peg their currencies to the U.S. dollar while five U.S. territories and seven sovereign countries use it as their official currency of exchange.
The table below provides an overview of the U.S. territories and independent sovereign nations that use the U.S. dollar as their official medium of exchange.
While it should be no surprise that the U.S. dollar is widely accepted for commerce in both Canada and Mexico, the U.S. dollar is also accepted in a host of tourist destinations including the Bahamas, Barbados, Bermuda, the Cayman Islands, Sint Maarten, St Kitts and Nevis, the ABC Islands of Aruba, Bonaire, Curacao, and the BES Islands including Bonaire, Sint Eustatius, and Saba-now collectively known as the Caribbean Netherlands.
The U.S. dollar is also used as a quasi-currency in a variety of popular U.S. retirement destinations such as Belize and Panama, and in some areas of Costa Rica.
People in the U.S. military can likely attest that the U.S. dollar is gaining widespread popularity throughout the Philippines.
BENGALURU - The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.
While there was a dire prognosis from the top U.S. medicalexpert on the coronavirus' spread, the June 25-July 1poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.
Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.
About 80% of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range.
The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5% since touching a more than three-year high in March.
When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.
LONDON - The greenback steadied on Friday but was set for its biggest weekly drop in three weeks as caution over growing coronavirus infections cast doubt over the U.S. economic outlook while a bounce in stocks pushed the kiwi dollar higher.
The governor of Texas temporarily halted the state's reopening on Thursday as COVID-19 infections and hospitalizations surged.
With markets undecided between hopes of a quick economic recovery and fears of a second wave of infections, investors focused on the dovish minutes by the European Central Bank this week to keep its stimulus policies in place for a while.
The euro EUR=EBS edged 0.1% higher versus the dollar and was set for its biggest rise in three weeks.
The New Zealand dollar NZD=D3 led currency gainers as encouraging recent data prompted investors to add risk positions despite the surge in infection rates.
Elsewhere, the Australian dollar fetched $0.6888 AUD=D4, stuck in its rough $0.68-0.70 range in the past couple of weeks.
The country's foreign exchange reserves are at an all-time high of over $500 billion, according to data released by India's central bank on June 12.The strong forex pool provides stability in today's grim economic conditions.
The rise of forexThe reasons behind the swelling forex reserves are India's shrinking import bill, an increase in foreign direct investments, improved inflows from foreign portfolio investors into the stock and debt markets, and the Reserve Bank of India's buying spree.
"These assets, which are in other foreign currencies, are appreciating against the dollar and this too is pushing up the forex reserve valuations," he said.
Friends with benefitsThe biggest beneficiary of strong forex reserves is the Indian currency.
Pointing to 2013 when the Indian rupee depreciated by more than 20% in a span of just 4-6 weeks, Chari states that "The size of the forex reserves with respect to the current account deficit and portfolio flows becomes a key determinant of whether the currency can come under a speculative attack."
Apart from protecting the rupee, large forex reserves act as an assurance to the world that India can meet its external obligations like payment for imports.
Islamabad: For the first time in 68 years, Pakistan's economy is set to contract in the outgoing fiscal year with a negative 0.38 per cent due to the adverse impact of the coronavirus pandemic coupled with the already weak financial situation before the pandemic hit the country, according to the economic survey unveiled on Thursday.
The pandemic has badly hit the economy in the current fiscal year ending on June 30.
For the first time in 68 years, Pakistan's economy has marginally contracted by 0.38 per cent in the outgoing fiscal year due to adverse impacts of novel coronavirus coupled with economic stabilisation policies that had hit the industrial sector much before the deadly pandemic.
He said the current account deficit was reduced by 73.1 per cent to USD 2.8 billion against USD 10.3 billion last year which was 3.7 per cent of GDP. "The current account deficit that we inherited was around USD 20 billion but we have reduced that to around USD 3 billion. This is a huge achievement of the government," he said.
Minister for Economic Affairs Khusru Bakhtiar said that this government had USD 9 billion forex exchange reserves when it came to power in August 2018 and by the end of this year it would be more than USD 18 billion.
He said the debt was USD 40 billion in 2013 and rose to USD 48 billion by 2013 during the tenure of Pakistan Peoples Party and again increased to USD 73 billion by 2018 in the five years of Pakistan Muslim League-Nawaz.
TOKYO - The dollar edged higher on Monday as worries about a standoff between the United States and China over civil liberties in Hong Kong fuelled demand for safe-haven currencies.
A senior White House official has said Beijing's plan to impose a security law on the former British colony of Hong Kong could lead to U.S. sanctions, which could worsen an already tense relationship between the world's two-largest economies.
"Things were already bad, and it is likely to get worse because of the Hong Kong security law. This supports risk-off trades, which is positive for the dollar and the yen."
China's proposed national security legislation for Hong Kong could lead to U.S. sanctions and threaten the city's status as a financial hub, White House National Security Adviser Robert O'Brien said on Sunday.
Hong Kong police fired tear gas and water cannons to disperse thousands of people who rallied on Sunday to protest Beijing's national security law.
The threat of sanctions over Hong Kong risks a repeat of last year's damaging trade war between the United States and China.
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