Moderna Update Sees AUD, NZD Outperform

News that Moderna's vaccine candidate was found to have a 95% efficacy rate sent stocks soaring ahead of the Monday open, putting the S&P 500 on track to clock a record high close. This filtered through into USD sales, favouring high beta currencies and putting the likes of AUD and NZD at the top of the G10 board.

USD sales but the USD index at its lowest levels since last Monday, and a further 0.5% decline from here would see the index touch levels not seen since the start of September.

GBP traded poorly, with the ebb and flow of Brexit news still proving to be the primary driver. EU diplomatic sources noted that gaps remain between the two sides - no surprise after UK's chief negotiator Frost confirmed there would be no change in approach after the staff turnover in Downing Street last week.

Focus Tuesday turns to the RBA minutes and US retail sales & industrial production data. Central bank speak includes RBA's Debelle, BoE's Bailey, ECB's Lagarde and BoC's Macklem.