It is reported that the US Food and Drug Administration has scheduled a meeting of its Vaccines and Related Biological Products Advisory
Committee on Dec. 10 to discuss the request for emergency use
authorization of a Covid-19 vaccine from Pfizer. If nothing else, an
approval would immediately allow the first Americans to get a vaccine on
Dec. 11. Meanwhile, Moderna, another pharmaceutical company, will also
receive approval and become available soon. Speculation on these
positives will begin after Thanksgiving, which is a support to the weak
DXY, gearing down its downtrend and sending a chance for it to bottom
out. Since Americans will be the first to receive vaccines from the two
drugmakers, the US economy may find the impetus to revive then.To get
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In addition to the vaccination, there is another concern after the
Thanksgiving holiday. The new leader of Angela Merkel's center-right
Christian Democratic Union (CDU) will be decided in mid-January 2021.
The party congress, which was originally scheduled for the next Thursday
(Dec. 3), was postponed due to the coronavirus pandemic. The party
congress of the CDU was tasked with choosing a new party leader as the
candidate for the next October election. Now that Chancellor Angela
Merkel and her successor Kramper Kahlenbauer have both said they would
not stand for re-election nor run for election, financial markets are
focusing on the race between the CDU and the rapidly emerging far-right
Alternative for Germany.
Public discontent is growing due to the serious outbreak and the
economic downturn in Germany. Financial markets are worried that the
populist Alternative for Germany will take advantage of this situation
and, if it defeats the CDU in next year's election and becomes the
ruling party, it could become a significant “gray rhino” of 2021.
Therefore, the CDU's party congress will be thrust into the spotlight
ahead of Europe's financial markets.