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Correlation between the Euro and commodities

Correlation between the Euro and commodities | 10 Noviembre 2020

10 Noviembre 2020, EUR/USD

Correlation between the Euro and commodities

EURUSD trading plan:

A bullish rally in the commodity market will have a positive impact on the value of the Euro. Commodity across the globe surged yesterday on news from Pfizer 's COVID-19 vaccine trials that suggests a 90% effectiveness rate. Pfizer announced on Monday that its COVID-19 vaccine, co-developed with BioNTech had a 90% efficacy, the news sparked optimism that an economic recovery was finally on its way. If granted, the companies estimate they can roll out up to 50 million doses this year, enough to protect 25 million people, and then produce up to 1.3 billion doses in 2021. "Today is a great day for science and humanity," said Pfizer Chief Executive Albert Bourla.

Trading recommendation: Buy 1.1806 and take profit 1.1870

David Johnson
Analyst of «FreshForex» company
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