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Forex News: U.S. Dollar Edges Higher After Seeing Early Weakness

U.S. Dollar Edges Higher After Seeing Early Weakness

08/24/2020 - 16:23:00 (RTTNews)

(RTTNews) - After moving to the downside earlier in the day, the value of the U.S. dollar has edged higher over the course of trading on Monday.

The U.S. Dollar Index is currently inching up 0.1 percent to 93.31 after falling as low as 92.84 in morning trading.

The greenback is trading at 105.99 yen versus the 105.80 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1787 compared to last Friday's $1.1797.

The early weakness in the value of the dollar came as upbeat news on the coronavirus front reduced the safe haven appeal of the currency.

The Food and Drug Administration announced Sunday that it has issued an emergency use authorization for investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.

The FDA concluded convalescent plasma may be effective in treating COVID-19 and that the known and potential benefits of the product outweigh the known and potential risks.

"I am committed to releasing safe and potentially helpful treatments for COVID-19 as quickly as possible in order to save lives, said FDA Commissioner Dr. Stephen Hahn.

He added, "The data from studies conducted this year shows that plasma from patients who've recovered from COVID-19 has the potential to help treat those who are suffering from the effects of getting this terrible virus."

Meanwhile, a report from the Financial Times said the Trump administration is considering fast-tracking an experimental coronavirus vaccine from the U.K. for use in America ahead of the presidential election.

Citing three people briefed on the plan, the FT said one option being explored to speed up the availability of a vaccine would involve the FDA awarding emergency use authorization in October to a vaccine being developed in a partnership between AstraZeneca (AZN) and Oxford University.

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