[NEW YORK] The euro, which hit two-year highs against the dollar this week, fell Friday as data showed eurozone economic activity slowing in August against a backdrop of rising coronavirus cases. Read more at The Business Times.
"The euro's rally has come to a halt this week on growing concerns that coronavirus is coming back strongly in parts of Europe and will hurt the economic recovery," said Fawad Razaqzada, market analyst with ThinkMarkets.
The tech sector has been a consistent bright spot amid the severe coronavirus downturn in the United States, and the Nasdaq was up 2.7 per cent overall for a week that saw Apple become the first company to hit $2 trillion in market value. While vast central bank support has helped fan a surge in equities globally, data showed that 1.1 million Americans filed new claims for unemployment benefits last week, and the White House still has not reached an agreement with Congress on additional aid, reinforcing concerns about the world's largest economy.
Pfizer and BioNTech SE said a vaccine they are working on could be up for regulatory review by October and, if all goes well, the jab could be ready to roll out as soon as November.
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