Dollar drops to one-week lows

Dollar drops to one-week lows

The dollar fell to a one-week low on Thursday as positive data on U.S. and European recovery lifted risk appetite, adding to the support provided by the latest breakthrough in the COVID-19 vaccine.

The dollar index dropped 0.4%. However, it could trade up or down depending on the U.S. jobs data due later today.

Data on non-farm payrolls are expected to show a 3-million increase in jobs. However, estimates vary as investors continue to doubt the sustainability of the U.S. economy.

Despite the price drop, the dollar is still up 2.5% from its record low of 94.6 in March. 

Also lifted risk sentiment was news that the COVID-19 vaccine developed by Pfizer and BioNTech showed upbeat results in early-stage human trials.

The upbeat risk sentiment lifted currencies such as the kiwi, which rose 0.5% on the dollar, and the euro which added 0.1% to $1.1264. The pound traded above $1.25 for the first time this week.

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