Home Article Market News USD Surged After Upbeat US PMI Data

USD Surged After Upbeat US PMI Data

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Wall Street opened higher as news surrounding progress on coronavirus vaccine and treatments pushed the positive sentiment. The government’s adviser Dr. Moncef Slaoui previously announced that vaccination in the country could begin on December 11, a day after the meeting of the Food and Drug Administration.

On the economic front, the IHS Markit US Composite PMI rose to 57.9 in November 2020 from 56.3 in the previous month.

In the FX markets, the USD surged after upbeat US PMI data, which is indicating the steepest month of expansion in the US private sector business activity in over five-and-a-half years.

Meanwhile, the CAD jumped amid the risk-on tone, as investors cheered on the vaccine optimism after AstraZeneca and Oxford University announced that their COVID-19 vaccine showed an average of 70% efficacy in trials.

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