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Markets Cheered On Vaccine Development

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Asian shares traded higher as investors focused on developments regarding potential coronavirus treatment. According to the American infectious disease expert Dr. Anthony Fauci, the two coronavirus vaccine candidates proved over 90% effective and revealed the sped-up process of getting a vaccine did not compromise its safety.

On the economic front, annual consumer prices in Japan declined by 0.4% in October after remaining unchanged in the previous month, as the pandemic continued to drag consumption.

Meanwhile, Australia’s retail sales increased by 1.6% in October 2020, beating market expectations of a 0.3% rise, boosted by the reopening of retail stores in Victoria at the end of October.

In the FX markets, the antipodean currencies (AUD & NZD) surged after upbeat data from Australia and as investors focused on vaccine development.

On the other hand, the JPY slipped as the annual consumer prices in Japan declined.

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