The US Food and Drug Administration is poised to authorise Covid-19 pills from Pfizer and Merck this week, tweeted a Bloomberg reporter on Tuesday. According to Pfizer, their pill reduced Covid-19 hospitalization or death by 89% if taken within 3 days of symptom onset. The Merck pill isn't quite as effective but is still thought to reduce mortality by about 50%.
Market Reaction
There hasn't been much of a market reaction to the news, though the pills are very welcome in the fight against the pandemic and, from here out, are expected to reduce US mortality rates.
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Editors’ Picks
EUR/USD stays pressured below 1.0900 amid risk aversion
EUR/USD remains under pressure below 1.0900 in the European session on Wednesday. The pair faces downward pressure due to a renewed US Dollar upswing, as risk sentiment falters on China concerns. Dovish ECB expectations also undermine the pair.
GBP/USD remains heavy near 1.3000 after soft UK inflation data
GBP/USD stays under bearish pressure near 1.3000 in the European session. The data from the UK showed that the annual CPI inflation declined to 1.7% in September from 2.2% in August, weighing heavily on the Pound Sterling.
Gold price advances to three-week top amid risk-off mood, bullish USD might cap gains
Gold price scales higher for the second straight day on Wednesday – also marking the fourth day of a positive move in the previous five – and climbs a three-week high, around the $2,677-$2,678 region heading into the European session.
Why is the ECB set to cut interest rates again and what does that mean
The ECB is widely expected to cut interest rates on Thursday for the third time this year. This is a significant achievement as it suggests that the ECB, which sets monetary policy in the Eurozone, is accelerating its path towards lower interest rates after an unprecedented increase.
British inflation dips to 1.7% in September
And speaking of inflation and Europe, inflation in Britain not only fell below 2% in September but came in significantly lower than expected (1.7%y-o-y vs 1.9% expected).
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