EUR/USD: Germany's virus situation curbs larger gains

EUR/USD has been moving higher amid vaccine and US transition hopes, however, Germany's covid situation holds back a Black Friday stampede into the euro, FXStreet’s Analyst Yohay Elam reports. 

See – EUR/USD remains short-term bullish while above 1.1800 – Commerzbank

Key quotes

“Germany recorded its one-millionth COVID-19 case, active infections remain high and the curve is not bending lower. Chancellor Angela Merkel and regional leaders agreed to extend the lockdown through December 20 and easing could have to wait for after Christmas.” 

“Americans have been gobbling turkeys for Thanksgiving amid a rapid spread of the disease, with yet another record in hospitalizations, above 90,000 as of Thursday. However, markets are encouraged by President Donald Trump's comments that he will leave the White House if President-elect Joe Biden wins the Electoral College.”

“Investors remain hopeful that vaccines will be approved soon, shrugging off confusion about the AstraZeneca/University of Oxford figures. While more data is awaited from AstraZeneca, regulators in the UK are likely to push through with approving the immunization scheme. In the US, the Pfizer/BioNTech effort awaits authorization.”