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JPY Soared, Benefited From Weaker Antipodeans

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Asia shares traded higher following further updates on the COVID-19 vaccine front as Moderna announced that its trial vaccine has a 94.5% efficacy rate against the virus.

In the FX markets, both AUD and NZD retreated from the peak after the Reserve Bank of Australia (RBA) said the bank is ready to provide more stimulus if needed. The board expects the cash rate to remain at its current level for at least 3 years, but beyond that members have less confidence about the path of interest rates.

Meanwhile, the JPY traded slightly higher despite the risk-on tone, mostly benefited from weaker antipodeans.

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